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The price of bitcoin swung to $37,000, hitting May 2022 highs early Thursday, on continued expectations U.S. regulators will approve a bitcoin exchange traded fund. Cryptocurrency prices and related stocks surged Thursday morning.
X
The U.S. Securities and Exchange Commission opened talks with Grayscale Investments (GBTC) to discuss details about its application to convert its bitcoin trust product into a spot bitcoin ETF, CoinDesk reported citing a person familiar with the matter. A U.S. appeals court in October ordered the SEC to review Grayscale’s ETF application. The panel of judges for the U.S. District of Columbia Court of Appeals previously ruled that the regulator’s rejection of the application was arbitrary.
Meanwhile, a brief window for the SEC to potentially approve all 12 current spot bitcoin ETF applications opened beginning on Thursday, Bloomberg Intelligence ETF analyst James Seyffart reported via X, the site formerly known as Twitter.
The current approval period will be open for at least days, lasting until Nov. 17. The SEC issued delay orders for BlackRock (BLK), Bitwise (BITW), VanEck, WisdomTree (WT), Invesco (IVZ), Fidelity and Valkyrie at the same time. The deadline to submit rebuttal comments was Nov. 8. The regulator could theoretically make a decision on nine of the ETF applications at any point until Jan. 10, Seyffart added. Bloomberg forecasts a 90% chance of approval by Jan. 10.
Elsewhere, about $86.8 million in bitcoin short positions were liquidated over the past 24 hours as of Thursday morning, CoinGlass data shows. CoinGlass noted a short squeeze occurred late Wednesday night as bitcoin price climbed above $36,000, according to a post on X.
Bitcoin Price
The price of bitcoin bolted nearly 4.5% over the past 24 hours as of Thursday morning to trade around $37,000, its highest level since May 2022. The world’s largest cryptocurrency has soared more than 123% so far this year.
Ethereum rose to reclaim its $1,900 level, back near its mid-July prices. The No. 2 crypto is up nearly 60% in 2023.
Coinbase (COIN) stock jumped almost 4% premarket Thursday. Bitcoin miner Marathon Digital (MARA) spiked more than 8%. GBTC shares swung nearly 3% higher in early trade.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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