Bitcoin Price Surges 15% as Approval of First Bitcoin ETF Nears in the US

Bitcoin's price has risen 15% since the start of the month in anticipation of the approval of the first Bitcoin spot ETF in the United States. While the recent announcement of a final decision date of January 5th 2024 by the SEC has driven prices higher, the actual impact on prices will depend on how much real investment flows into the ETF once approved. There is a risk of a "sell the news" event if investment does not match the current hype. Thirteen different ETF applications are currently pending, and there are also leveraged and options-based ETFs using Bitcoin and Ethereum as underlying assets, showing growth in traditional financial products related to cryptocurrencies.