GBTC - Why Major Cryptocurrencies Popped Today
2023-11-09 14:44:41 ET
Several major cryptocurrencies rallied on Thursday as the U.S. Securities and Exchange Commission (SEC) entered its first potential approval period for pending spot Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) applications.
As of 1:00 p.m. ET, the price of Ethereum (CRYPTO: ETH) was up an impressive 6.9%, while the price of Bitcoin had rallied more than 3% after briefly crossing $37,000 to hit a fresh 18-month high. The rising tide curiously didn't lift all boats, however; the typically volatile Dogecoin (CRYPTO: DOGE) was simultaneously down around 5% this afternoon -- albeit after rallying around 13% this week leading up to today's session.
Today's moves follow an extended rally in major cryptocurrency prices that began around three weeks ago when the SEC had reportedly declined to appeal a federal court's August reversal of an order that had prevented crypto-asset manager Grayscale Investments from converting its widely popular Grayscale Bitcoin Trust (OTC: GBTC) into an ETF. The development prompted several hopeful ETF providers -- including Grayscale, Blackrock , and Fidelity -- to file amended registration statements for their own respective spot Bitcoin ETFs.
For further details see:
Why Major Cryptocurrencies Popped Today