Bitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
Bitcoin Price Year to date
This sudden increase led to the liquidation of $114 million worth of Bitcoin shorts within the last hour, with a total of $145 million liquidated across the entire crypto market, as reported by CoinGlass.
In further developments, Bitcoin made a brief spike to over $35,000, experiencing a 15.85% increase within a short time frame. Meanwhile, Ethereum also demonstrated noteworthy growth, with its price surpassing $1,800 and currently sitting at $1,810.74, reflecting a 24-hour increase of 8.05%.
These back-to-back rallies are being linked to the growing anticipation surrounding the potential approval of Bitcoin spot Exchange-Traded Fund (ETF) applications by the U.S. Securities and Exchange Commission (SEC).
In recent developments, a judge in Washington, D.C. has officially instructed the SEC to reconsider Grayscale’s long-pending spot Bitcoin ETF application, which had faced significant delays.
Additionally, BlackRock has updated its own ETF application, signaling its readiness to launch a Bitcoin spot ETF by allocating funds and securing a ticker symbol. While approval is not guaranteed, these actions indicate a certain level of confidence that the SEC might grant it.