Bitcoin surges 4% in past 24 hours as SEC awaits trading

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Bitcoin surges 4% in past 24 hours as SEC awaits trading

Over the weekend, Bitcoin's value surpassed 4% over the past 24 hours, resulting in a notable rise in value. The stock surged significantly to $28,200, its highest trading value since August, according to CryptoSlate data. This growth comes midst a persistent anticipation surrounding the future of spot Bitcoin exchange-traded funds.

The SEC has filed a request with the U.S. Securities and Exchange Commission for the creation of these pending spot Bitcoin ETFs.

The SEC has said the ongoing proceedings do not indicate any conclusions have been reached. The agency is currently asking public comments on various aspects of the proposed spot Bitcoin ETFs, including their potential hazard or resilience to fraud and manipulation.

These proceedings will likely significantly impact the trading of spot Bitcoin ETFs on commodities exchanges. The SEC is likely to approve the proposed rule changes, resulting in new trading opportunities for Bitcoin.

The value of Bitcoin remains high as the world awaits the SEC's decision. Bitcoin is ranked #2 by market cap and the BTC price has surged by 3.5% in the past 24 hours. With a trading volume of $12.53 billion, BTC has a market value of $547.76 billion and a market capitalization of $547.76 billion. With a 24 hour volume of $34.95 billion, the worldwide cryptocurrency market is valued at $1.11 trillion. Bitcoin's dominance is currently at 49.26%.