Bitcoin Soars Past $37,900 In 2023 High – Will An ETF Approval Ignite A Bull Run?

In a thrilling turn of events, Bitcoin has catapulted to a new high for 2023, breaching the $37,900 mark on Thursday. The crypto space is buzzing with excitement as optimism about a potential Bitcoin ETF approval intensifies.

Bitcoin, the flagship cryptocurrency, surged by over 3.5%, marking its highest point since May 2022. But that’s not all—Ethereum joined the party, smashing through the $2,000 barrier, while several altcoins experienced gains of up to 10%.

The surge in Bitcoin prices triggered a cascade of short liquidations overnight, propelling crypto prices to new heights.

Clara Medalie, the Head of Research at crypto data provider Kaiko, suggests that the crypto markets have been yearning for a positive catalyst amid a barrage of negative news over the past year. The potential ETF approval is viewed as a welcome respite.

“Crypto markets have been frantically seeking a catalyst amid a sea of bad news over the past year, and the ETF news has been a pleasant respite,” she said.

“We may witness another significant increase if [an ETF approval] occurs, or we may be witnessing the extent of it right away. It is still too early to determine if the rally has legs, but things look positive.”

Thursday’s Bitcoin surge had a domino effect on other crypto assets and equities. Solana, a standout performer in the crypto space this year, saw an impressive 11% increase. Tokens linked to Cardano and Polygon also experienced gains of 4% and 3%, respectively.

The excitement wasn’t limited to cryptocurrencies alone. Shares of Coinbase, a leading cryptocurrency services provider, shot up by 3.7% before the market even opened. Microstrategy, a Bitcoin proxy, wasn’t far behind with a 4.7% increase.

Not to be left out, platforms facilitating crypto trading services also witnessed positive movement. Both Block and Robinhood saw increases of over 1%, reflecting the growing interest in cryptocurrency trading.

Bitcoin mining stocks, however, stole the spotlight with even larger gains. Marathon Digital and Riot, the top two mining stocks, soared by 10% and 6%, respectively.

CleanSpark and Cipher Mining didn’t lag behind, each enjoying a 7% increase in premarket trading.

As the crypto community holds its breath, the question on everyone’s mind is whether this rally has the stamina to become a full-fledged bull run. With the possibility of an ETF approval on the horizon, the crypto market may be on the brink of a historic surge.

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