Bitcoin experienced a surge of approximately 3.2% during the early hours of Monday following a significant breakthrough in the advancement of a bitcoin Exchange Traded Fund (ETF) approval.
The cryptocurrency surpassed the $27,700 (£22,795) mark, riding on the heels of the US Securities and Exchange Commission’s decision not to contest a recent ruling on the application submitted by crypto asset manager Grayscale.
Initially faced with resistance from regulators, Grayscale sought to convert its bitcoin trust into a more accessible ETF for investors. With no opposition to the ruling, the path toward potential approval has now cleared another hurdle.
Last week, Bitcoin prices had seen a slight downturn in response to the US consumer price inflation report, which highlighted a 0.3% rise in core inflation for the second consecutive month.
