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Peter Davis

An writer at FOMOdrive

  • Nov 09, 2023
  • 2 min read

Bitcoin soared above $37,000 - what's going on?

On Thursday, Bitcoin achieved a new high that hadn't been seen in over a year and a half.

The SEC and Grayscale are in talks about introducing a Bitcoin ETF that trades on the spot market.

21Shares and ARK Invest have announced a partnership to launch five new crypto ETFs.

The amount of trading that occurred on exchanges increased significantly in October, nearly doubling.

On Thursday, Bitcoin surged above $37,000 for the first time since early May 2022, increasing by more than 3% due to reports in the media.

The top ten altcoins have been growing slowly today. Solana has seen the most growth, increasing by 10%, while Cardano has grown by approximately 5%.

Negotiations between the US Securities and Exchange Commission (SEC) and Grayscale Investments have reportedly begun, as reported by CoinDesk on Thursday, to discuss the specifics of transforming GBTC into a Bitcoin ETF.

The SEC's Division of Trading and Markets and Division of Corporate Finance are in communication with Grayscale. Specifically, they are discussing the specifics of the company's application to launch an ETF.

Craig Salm, the General Counsel of Grayscale, stated that they are currently concentrating on reconnecting with the Trade and Markets Department. He added that there are still some matters to be addressed, but did not provide any further details.

A US court has ordered the SEC to re-examine the application submitted by Grayscale to launch a Bitcoin spot exchange-traded fund at the end of August.

ARK Invest and 21Shares have announced the launch of a new range of exchange-traded products (ETPs) related to digital assets.

The CBOE will list the instruments. The statement clarifies that "neither the funds nor the underlying ETF invest directly in Bitcoin or other digital assets."

CCData, an analytics provider, reported that the total trading volume on centralized exchanges (CEX) in October had grown by 87.2% compared to the previous month, reaching $632 billion. This was the first time in four months that the metric had seen an increase.

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