Bitcoin Surges to Highest Level Since May 2022
Bitcoin (BTC), the world’s largest cryptocurrency by market value, has surged to levels not seen since May 2022 on Friday amid quiet trading in traditional markets, the day after the U.S. Thanksgiving holiday.
BTC briefly touched $38,000 earlier Friday morning but retreated to levels around $37,800. The cryptocurrency has now held above the $38,000 threshold for a few hours and appears to be attempting to push higher.
Investors are eagerly awaiting a possible approval from the U.S. Securities and Exchange Commission (SEC) on a spot bitcoin exchange-traded fund (ETF), which some believe will bring a new layer of volatility to the market.
Laurent Kssis, in an interview with CoinDesk, commented on the potential impact of a BTC ETF, stating, “Due to the ease of trade and cost-effectiveness, a bitcoin ETF will attract more turnover in volumes from institutional investors currently not seen on crypto exchanges as they are not allowed to execute on these non-regulated exchanges by their compliance depts.”
Kssis also predicts that bitcoin could rally to $40,000 over the weekend, noting the significant volatility that is expected with the approval of a BTC ETF. “When approved, the volatility of BTC will be significant during these periods which create additional risks for investors but as well opportunities for those arbitraging. Would not be surprised if we see 40K being broken this weekend,” he said.
Ether (ETH), the second largest cryptocurrency by market value, also gained over 3% on Friday in response to Bitcoin’s surge.
The market is responding to the possibility of a BTC ETF approval and the potential implications for increased investor participation and heightened volatility in the crypto market.
Overall, the recent surge in Bitcoin’s price and anticipation of a BTC ETF approval are creating excitement and speculation within the cryptocurrency community. The coming days are expected to be significant for the market and investors are closely monitoring these developments.
As the weekend approaches, all eyes are on Bitcoin and the potential for it to break through the $40,000 mark, leading to significant shifts in the crypto market landscape.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
