Bitcoin Blasts Past $31,000 as Optimism for BTC Spot ETF Surges

Bitcoin soared past $31,000 per coin on Monday as hype around a spot Bitcoin ETF led to increased optimism in the space.

The largest digital asset by market cap was priced at $31,284 at the time of writing, a rise of nearly 5% in 24 hours, according to CoinGecko. The coin is up more than 11% in the past seven days.

Bitcoin was last this high in mid-July. It has since dropped as low as $25,133 but largely hovered between $26,000 and $27,000 per coin.

Bulls have flooded the space as talk about a spot Bitcoin ETF has investors hopeful that the long-awaited crypto product will soon get approval from the U.S. Securities and Exchange Commission.

A Monday CoinShares report showed that institutional investors are pouring money into the space; JPMorgan analysts said last week that a spot Bitcoin ETF could be approved by Christmas.

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High-profile investment firms that have applied to the SEC for a spot ETF are fine tuning their applications in the hope that the regulator will give them the green light.

Investors have been hungry for a spot Bitcoin ETF for the best part of a decade but Wall Street's biggest regulator experts say has denied applications for such a product, mostly citing the potential for market manipulation as one of the main reasons.

But analysts are now more optimistic than ever before: BlackRock, world’s biggest fund manager, applied for a Bitcoin ETF of its own. Not long after, manager Grayscale scored a victory against the SEC when a federal judge sided with the firm over its application to convert its flagship Bitcoin fund into an ETF.

Bitcoin Hits $30,000 Amid Spot ETF Amendments From BlackRock, Fidelity

The price of Bitcoin soared 6% overnight, briefly retaking $30,000—a level not seen since earlier this summer, per data from CoinGecko. Bitcoin's price continues to hover around the $30,000 mark, currently trading hands at just over $29,950, up 5.3% on the day. The latest uptick comes amid a raft of refilings and amendments from finance's biggest players, as the race for a spot Bitcoin ETF heats up. A highly anticipated product, a spot Bitcoin ETF is expected to lure in more institutional inves...

The rest of the crypto market is up, too. Ethereum, the second biggest cryptocurrency, is up by over 3% in the past day, trading for $1,685. While Dogecoin, the 10th largest, is up by more than 5%, trading hands for $0.06.

Bitcoin is up 88% since the start of the year, when on January 1 it was trading hands for $16,615. But it is still way below—by 55%—its November 2021 all-time high of $69,044.

Edited by Stacy Elliott.