BTC - Why Bitcoin Ethereum and Marathon Digital Jumped Today
2024-01-08 19:30:22 ET
Several major cryptocurrencies jumped on Monday as investors anticipate the first potential approval by the U.S. Securities and Exchange Commission of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) later this week. In particular, the SEC is widely expected to issue a favorable determination for Ark Invest's 21Shares Bitcoin ETF application before Wednesday.
The price of Bitcoin surged 6.7% by the end of the regular trading day, after briefly exceeding the $47,000 milestone for the first time since April 2022. Ethereum (CRYPTO: ETH) is also up more than 6%, while Marathon Digital (NASDAQ: MARA) -- a crypto mining firm whose fortunes tend to ebb and flow with the price of Bitcoin -- rose as much as 10.5% this morning before settling to close up 7.7%.
The price of Bitcoin alone has nearly tripled over the past year. But its rally more recently gained steam back in October 2023 after the SEC declined to appeal a federal court's August reversal of an order that had prevented crypto-asset manager Grayscale Investments from converting its popular Grayscale Bitcoin Trust into an ETF . When the D.C. Circuit of Appeals subsequently formalized Grayscale's court win the following week, the onus moved back to the SEC to move forward with its approval processes for several other pending spot ETF applications from providers including BlackRock , Fidelity, and Ark Invest.
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Why Bitcoin, Ethereum, and Marathon Digital Jumped Today