Bitcoin price breaks past $38,000, carried on by ETF hype

Quick Take

  • The price of Bitcoin has broken above the $38,000 mark.
  • This comes in the wake of more work being done on the current wave of spot bitcoin ETF applications.

The price of Bitcoin BTC +0.26% has significantly risen above $38,000 for the first time since April 2022.

Bitcoin's price has rallied over the last three months, breaking out of its range between $26,000 to $28,000. The coin's price has come up against the $38,000 mark twice this month before punching through it today. Its current price is around $38,300, according to The Block's Price Page.

The price of Bitcoin rallied during late October and throughout this month. Image: The Block's Price Page.

Other cryptocurrencies are also seeing price gains today, with Ether up 3.5%, Cardano up 3.4% and Dogecoin up 3.5%. The price of Ether is now up 10% over the last week.

Spot Bitcoin ETFs: More work being done

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This comes in the wake of more progress being made on spot Bitcoin ETF applications.

For instance, Grayscale Investments on Monday met with officials from the Securities and Exchange Commission’s division of trading and markets to discuss potential listing matters concerning the shares of the product, according to a memo published by the SEC. Grayscale is currently trying to convert its flagship Bitcoin trust into a spot Bitcoin ETF. It filed an updated prospectus following the meeting.

A separate memo dated Nov. 20 showed that the SEC also had a meeting with BlackRock and Nasdaq employees.

Prospective spot Bitcoin ETF issuers Ark Invest and 21 Shares filed an amendment to their prospectus earlier this week.


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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

Editor

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