The price of Bitcoin has been fluctuating in the last 24 hours: here’s why.

TL; DR

Bitcoin Price Rise: After a period of consolidation, the price of Bitcoin rose to about $38,000. US SEC delays and ETF expectations: Delays in deciding the SEC's position, including the Hashdex proposal, may be dampening optimism that such a product will finally work in the US. Broad market demand: Major firms such as BlackRock and Fidelity have expressed interest in launching a spot BTC ETF in the US, indicating strong market appetite and drivers for further Bitcoin growth.

After consolidating around the $35,000-$36,000 mark for a few days, Bitcoin price headed north again, reaching $38,000 (according to CoinGecko).

One of the reasons behind its exit may be the renewed hope that a BTC ETF may soon see the light of day in the United States.

American SEC recently It's late Hashdex's decision on whether to approve the conversion of an existing Bitcoin futures ETF to a spot fund. The agency had until November 17 to respond to the request.

“It's really not that surprising, the SEC goes through these kinds of decisions a lot,” said James Seifert, an ETF analyst at Bloomberg Intelligence.

Additionally, the US securities regulator has delayed action on Greyscale's application to introduce an Ether futures ETF.

Several financial firms such as BlackRock, Fidelity and Invesco have filed with the SEC to launch the first spot BTC ETF in the US. The potential move is considered huge for the value of Bitcoin and is expected to generate general enthusiasm throughout the digital asset sector.

The upcoming spring halving, mass adoption and increased interest from institutional investors will play a key role in BTC's future jump.

Those willing to dive deeper and check out five price predictions from celebrities can watch our video below.