Bitcoin Jumps to 8-Month High on Hopes for Spot ETF Approval
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Bitcoin rose to $37,960, its highest since May 2022, on optimism that a spot bitcoin ETF may soon be approved.
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There are currently 12 bitcoin ETF applications pending with the SEC, with an 8-day window starting Thursday for potential approvals.
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Analysts believe there is a 90% chance of approval by January 10th, the deadline for an application by ARK Invest and 21 Shares.
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The SEC has rejected spot bitcoin ETFs before due to vulnerability to manipulation, but a recent court win by Grayscale renewed hopes.
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Approval of a spot bitcoin ETF would likely drive significant demand and mark a major step towards mainstream adoption.