Bitcoin is currently surging to an 18-month high, propelled by reports of the US Securities and Exchange Commission (SEC) facing a six-day deadline to greenlight or reject ETFs.
In Thursday’s London trading session, Bitcoin briefly peaked at $36,700, showcasing a remarkable 31% monthly increase and an impressive 93% surge over the past year.
Notably, other major digital assets, including Ether, are also on an upward trajectory, witnessing a substantial 20% gain in the last month.
Market data reveals a short squeeze during the early Asian trading hours, resulting in around $50 million in liquidations over four hours and driving prices even higher.
Initially grappling with a short squeeze, Bitcoin rebounded to nearly $37,000 after a brief setback.
Bulls persisted, propelling the overall crypto market valuation to new heights.
The buying frenzy intensified as the US SEC entered discussions with Grayscale Investments regarding its application to transform GBTC into a crypto sports ETF.
The anticipation of SEC approval for ETF applications holds significant weight in the crypto industry, seen as a milestone that could democratize access to technical asset investments for everyday investors.
Grayscale’s ongoing interaction with the SEC marks a transition from the existing Grayscale Bitcoin Trust to the pursuit of a direct crypto asset ETF.
Bitcoin miners are reaping the benefits of transaction fees, hitting 5% per month, with the average BTC transaction fee hovering around $6 since November 7.
Despite a constrained supply, long-term holders are rapidly accumulating Bitcoin.
Glassnode data suggests a shift in market dynamics beyond the $30,000 threshold, aligning with a pivotal level in the quarterly outlook.
