Bitcoin Soars Past $42,000 for First Time Since April 2022

The price of Bitcoin has surpassed $42,000 for the first time since April 2022, bolstered by industry-wide enthusiasm around potential upcoming ETF or exchange-traded products.

The rest of the cryptocurrency market has also rallied in recent days, with the total market cap for cryptocurrencies up 1% in the past day.

Bitcoin’s recent rise has been fueled by industry-wide anticipation of spot Bitcoin ETFs, which trade Bitcoin at its real-time price, widely expected to be approved in the coming months.

Analysts said the SEC’s recent request for comment from the public may show the agency is on an accelerated timeline when it comes to Bitcoin ETF approval.

The SEC has yet to approve a Bitcoin ETF, despite filings from major asset managers including BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton.

Swiss asset manager Pando Asset was the latest firm to file an S-1 form with the SEC, seeking approval for a spot Bitcoin ETF.

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