Bitcoin Exchange-Traded Fund (ETF)... could get approved in the coming months, sparking bullish hopes

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Bitcoin Jumps to Near $28K as Bulls Bet on ETF Approval

Bitcoin Jumps to Near $28K as Bulls Bet on ETF Approval

Traders could be betting on a development that buoys hopes for a spot bitcoin ETF in the US.

By Shaurya Malwa

Oct 15, 2023 at 11:29 p.m. PDT

Updated Oct 16, 2023 at 12:48 a.m. PDT

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Bitcoin (BTC) jumped some 4.5% in the Asian morning hours Monday amid hopes that a bitcoin exchange-traded fund (ETF) could get approved in the coming months, sparking bullish hopes.

Bitcoin traded just under $28,000, reversing all losses over the past week. The jump seemed to be a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission (SEC) decision to not appeal to a recent Grayscale ruling.

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The SEC will apparently not appeal a court reversal of a decision to Grayscale convert its popular bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.

This helped boost the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more appealing ETF.

Edited by Parikshit Mishra.