On Monday, the price of Bitcoin (BTC), a highly volatile asset that has doubled in value so far this year, experienced a significant 10% surge. This surge briefly pushed its price above $34,500. The primary driving force behind this surge was the optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the United States, according to a report by Reuters.

This bullish momentum marked the strongest performance for Bitcoin in nearly a year and had a ripple effect throughout the broader cryptocurrency market.

This resulted in gains for various other major players in the crypto market, including Coinbase and MicroStrategy. Furthermore, this positive sentiment extended to other cryptocurrencies like Ethereum, which experienced a 6% increase and reached a two-month high with a price of $1,763 within the last 24 hours.

The surge in cryptocurrency prices had a direct and positive impact on stocks associated with digital currency, pushing them to achieve new multi-week highs. The overall market clearly reacted to the potential ETF approval, creating a ripple effect that lifted the value of not only Bitcoin but also several other prominent cryptocurrencies during after-hours trading in the United States.

A Bitcoin ETF lets stock market investors access Bitcoin without owning the volatile cryptocurrency, making it more appealing to retail investors by eliminating the need for crypto exchanges or wallets.

The U.S. Securities and Exchange Commission (SEC) has previously rejected Bitcoin ETF applications over concerns about market manipulation, but the crypto industry is optimistic about a potential shift in the SEC’s stance. This optimism is fueled by the fact that major U.S. financial firms like BlackRock, among others, have pending applications for Bitcoin ETFs.

The world’s largest asset manager, BlackRock, has introduced a bitcoin ETF called IBTC, which is a spot bitcoin exchange-traded fund (ETF). A recent development raised eyebrows as the ticker symbol for BlackRock’s IBTC ETF appeared on the Depository Trust and Clearing Corp.’s (DTCC) website.

This unexpected occurrence led to speculation among many market participants that it might be an indication of imminent approval from the Securities and Exchange Commission (SEC) for the ETF. As a result of this speculation, the market experienced a sudden surge in the price of IBTC, driving it to $35,000 on Monday. However, both DTCC and BlackRock did not respond immediately to requests for comments on the matter.

By Tuesday evening, it became evident that the presence of the IBTC ticker on the DTCC website had been there for months and had no direct influence on the potential launch of a spot Bitcoin ETF. In other words, the appearance of the ticker symbol on the DTCC website was not an indication of imminent SEC approval for the ETF.

The SEC, having already allowed ETFs holding Bitcoin and Ether futures, has recently heightened its scrutiny of the crypto space, partly due to last year’s market turbulence and notable incidents such as the FTX exchange’s bankruptcy and the trial of its co-founder, Sam Bankman-Fried, on fraud charges.

The SEC, having already allowed ETFs holding Bitcoin and Ether futures, has recently heightened its scrutiny of the crypto space, partly due to last year’s market turbulence and notable incidents such as the FTX exchange’s bankruptcy and the trial of its co-founder, Sam Bankman-Fried, on fraud charges.

The regulator, the SEC, had previously rejected Grayscale’s request to convert its Bitcoin trust mutual fund into an exchange-traded fund (ETF). This denial was not unique, as the SEC had similarly blocked numerous other Bitcoin ETF applications.

Their primary argument was that these applicants had failed to demonstrate how they would effectively safeguard against potential market manipulation. However, recent report from Reuters, suggest that the SEC will not appeal a court ruling that found the agency’s rejection of an ETF application from crypto firm Grayscale Investments to be incorrect.

In August, a federal appeals court ruled in favor of Grayscale in their lawsuit against the SEC. This court ruling was officially confirmed on Monday, sending the application back to the SEC for a review, thereby increasing the likelihood of ETF approval.

The SEC’s growing pressure from the courts enhances the probability of an ETF approval, as noted by Standard Chartered’s head of digital assets research, Geoffrey Kendrick.

Canadian Company Cult Food Science Introduces Noochies Vegan Cat Treats

Denmark Leads World With Plant-Based Food Action Plan To Fight Climate Change