Bitcoin Explodes Higher On “Heavily Institutional” Buying

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from ZeroHedge:

Bitcoin prices have exploded higher overnight, nearing $38,000, with the renewed bullish tone attributed to a combination of factors, including resurgent institutional interest, growing adoption, and a favorable macroeconomic climate.

Bitcoin prices have exploded higher overnight, nearing $38,000, with the renewed bullish tone attributed to a combination of factors, including resurgent institutional interest, growing adoption, and a favorable macroeconomic climate.

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Source: Bloomberg

As CoinTelegraph reports, while not expected until 2024, today, Nov. 9, marks the start of the period during which the long-awaited spot Bitcoin ETF approval announcement from regulators could theoretically come.

“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,” James Seyffart, research analyst at Bloomberg Intelligence, wrote on the topic.

“But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”

Reacting to Seyffart, financial commentator Tedtalksmacro agreed.

“BTC sure is trading like an ETF decision is due any moment,” part of his own commentary read.

However, Bloomberg’s Seyffart noted that even if 19b-4 is approved, an S-1 approval could take weeks or months between approval and launch.

Read More @ ZeroHedge.com