The price of Bitcoin rose to $37,960 U.S. over the last 24 hours, reaching its highest level since May 2022 on hopes that a crypto exchange-traded fund (ETF) will soon be approved.
The largest cryptocurrency by market capitalization is now trading at $36,500 U.S. but had risen as much as 7% in overnight trading, according to data from CoinDesk.
Technical charts show that Bitcoin is now eyeing $40,000 U.S. as its next resistance level.
The rise in the key digital token comes as an eight-day window begins for the U.S. Securities and Exchange Commission (SEC) to theoretically issue approval orders for the 12 Bitcoin ETF applications that have been filed with the regulator.
Investment firms ranging from BlackRock (BLK) to Fidelity have applied with the SEC to launch Bitcoin ETFs.
In the past, the SEC has rejected Bitcoin ETF applications, claiming they are subject to market manipulation and put retail investors at risk.
But a recent court win by Grayscale Investments has sparked hopes that such investment products could soon be approved.
There are media reports that the SEC is engaged in talks with Grayscale about the launch of a Bitcoin ETF.
Bitcoin’s price has now risen 120% this year.
