On December 1, Bitcoin hit a yearly high, briefly topping $38,800. In the last 24 hours the asset rose 2.3%, according to CoinGecko.
At the time of writing, Bitcoin hovered above the $38,500 level. The rise in quotes was accompanied by higher trading volume.
Traditionally, after the flagship leads, assets from the top-10 moved into the “green zone.” The market capitalization stands at $1.5 trillion, Bitcoin’s dominance index at 49.7%.
By the end of November, Bitcoin rose 8.8%, the second-largest cryptocurrency rose 13%.
Analysts at Deribit noted that the breakout and hold above $38,000 depends on approval by the SEC of a spot Bitcoin-ETF. The regulator’s suit against Coinbase adds uncertainty, the firm said.
Caution in current Bitcoin rally! Surge to 38,000 relies on SEC’s ETF approval.
SEC’s suit against Coinbase adds uncertainty. Historical bull markets tied to unique Bitcoin acquisition methods.
ETF approval may open new fiat routes.
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— Deribit Insights (@DeribitInsights) December 1, 2023
Earlier, the began collecting public feedback on the instrument. Lawyer Scott Johnson saw in this a signal that the regulator is prepared to approve all requests by January 10, 2024.
The SEC took this step after postponing decisions on proposals from Hashdex andFranklin Templeton. Representatives of the latter took the agency’s wishes into account and have already updated their filing.
Earlier in November, Matrixport called Bitcoin’s move above $40,000 “inevitable” after settling claims by U.S. authorities against Binance and its former CEO Changpeng Zhao.