Bitcoin, the world’s first cryptocurrency, rose above US$36,000 on Thursday for the first time since May 2022. Thursday kicks off the first day of an eight-day period for the U.S. Securities and Exchange Commission (SEC) to “theoretically approve” pending spot Bitcoin exchange-traded fund (ETF) applications. 

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Fast Facts

  • Bloomberg ETF analysts James Seyffart and Eric Balchunas said on X (formerly Twitter) that from Nov. 9 to Nov. 17, the SEC has an eight-day period when it could theoretically approve all 12 spot Bitcoin ETF applications.
  • “We still believe 90% chance by Jan. 10 for spot Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all current applications *COULD* occur,” tweeted Seyffart.
  • Bitcoin rose 4.21% in the 24 hours leading up to 3:00 p.m. in Hong Kong, to trade at US$36,776. The world’s first blockchain-based cryptocurrency is up over 31% in the past month, according to CoinMarketCap.
  • Bitcoin’s US$717 billion market capitalization makes it the world’s 11th largest asset, ranking just above electric car manufacturer Tesla’s market cap of US$706 billion, according to Companiesmarketcap.
  • Ether also rose 2.57% to US$1,927, reaching its highest point in four months.

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