Bitcoin's price surged to $37,000, surpassing the Terra-LUNA crisis level, marking a recovery from last year's FTX bankruptcy filing. The crypto market faces challenges from the U.S. Federal Reserve's tightening, regulatory scrutiny, and industry regulations. Despite these, Bitcoin has shown resilience, influenced by factors like the Santa Claus rally, the banking crisis, and expectations of a spot Bitcoin ETF approval. Bloomberg analysts predict a 90% chance of approval by January 10, 2024, citing Grayscale's legal victory. Other catalysts include the belief that the Federal Reserve won't hike rates soon and the upcoming Bitcoin halving.
In addition to Bitcoin's positive momentum, BlackRock, the world's largest investment fund, filed for an Ethereum spot ETF in the U.S., seeking approval from the SEC. This move follows BlackRock's earlier filing for a spot Bitcoin ETF. The crypto market is closely monitoring these developments, anticipating further price movements and potential catalysts for continued bullish sentiment.