Bitcoin is once again having a moment.
On Monday, the world’s largest cryptocurrency soared past $41,000 for the first time in over a year and a half — marking a 150% rise so far this year.
Bitcoin’s rally is mostly driven by optimism that the U.S. Securities and Exchange Commission could soon approve an exchange trade fund investing directly in the crypto, instead of macroeconomic factors.
Industry advocates say this new way of investing in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the crypto verse while lowering some of the well-documented risks associated with investing in cryptocurrencies.
Regulators have previously rejected bitcoin spot ETF applications, but recent wins for some crypto fund managers have improved odds for a first approval, perhaps as soon as next month.
Bitcoin is expected to continue its rally through the end of the year, and could reach as high as $47,000 by the time when a bitcoin ETF is approved.
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Market Recap Week of 11/27/2023 Through 12/01/2023