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Bitcoin started the week strong, seeing its highest transaction value since August.

The value of Bitcoin showed a significant increase over the weekend, rising by 4% in the last 24 hours. According to EgeMoney data, it surpassed $28,000 on October 2nd, reaching its highest transaction value since August. This growth occurred amid ongoing expectations regarding the future of spot Bitcoin exchange-traded funds (ETFs).

BTC graphic 02.10.2023

Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) recently submitted applications regarding pending spot Bitcoin ETFs.

The SEC clarified that these processes have not yielded any results yet. The regulator is keeping various aspects of proposed spot Bitcoin ETFs open to public comments, including their potential sensitivity or resilience to fraud and manipulation.

These proceedings could significantly impact the trading of spot Bitcoin ETFs on commodity exchanges. If the SEC approves the proposed rule changes, new trading opportunities for Bitcoin may emerge.

While the crypto world awaits the SEC’s decision, the value of Bitcoin continues to rise. The future of spot Bitcoin ETFs could have long-term effects on Bitcoin’s transaction value and the overall cryptocurrency market.