Bitcoin Price Skyrockets to $37,000 on ETF Optimism

The price of bitcoin surged to $37,000, reaching its highest level since May 2022, as expectations of a bitcoin exchange traded fund (ETF) approval by U.S. regulators continued. The U.S. Securities and Exchange Commission (SEC) opened talks with Grayscale Investments regarding its application to convert its bitcoin trust product into a spot bitcoin ETF. A brief window for the SEC to potentially approve all 12 current spot bitcoin ETF applications opened, with a 90% chance of approval by January 10, according to Bloomberg. Additionally, about $86.8 million in bitcoin short positions were liquidated, and cryptocurrency-related stocks, such as Coinbase and Marathon Digital, saw significant gains.