From Nasdaq, Inc.:

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a spike in their prices on Monday evening in anticipation of the approval of a spot-based Bitcoin exchange-traded fund (ETF). These gains ranged from 2.28% to 6.45% with Bitcoin reaching $46,527, marking a 24-hour surge.

Investors are eagerly awaiting a regulatory decision on the U.S.’s first spot-based Bitcoin exchange-traded funds expected later this week. Major fund management companies have submitted updated filings to the SEC, disclosing fees. Analysts are predicting broadened investor interest if the funds are approved.

The global cryptocurrency market cap has reached $1.63 trillion, showing a slight decline in the past 24 hours. Meanwhile, Wall Street showed increased stock performance on Monday, driven by tech shares. Traders are awaiting more clarity on potential rate cuts by the Federal Reserve, with the release of consumer and producer price indexes later in the week.

Analysts are hopeful for a spot Bitcoin ETF approval, with Michael Van de Poppe predicting a glorious upcoming bull cycle. Conversely, Carl from the Moon warned that a denial would be a significant manipulation of Bitcoin. Analyst Ali Martinez anticipates a bullish trend from the BTC Halving, historically a catalyst for major price surges.

Regardless of the Bitcoin ETF’s outcome, analysts believe the upcoming BTC Halving will contribute to significant price surges. On-chain analyst Ali Martinez highlighted the historical impact of BTC Halving in generating major price surges. The views expressed in the article are the author’s and do not reflect those of Nasdaq, Inc.



Read more: Bitcoin, Ethereum, Dogecoin Soar As Low-Fee ETF Competition Heats Up: Analyst Says ‘Upcoming Bull Cycle Is Likely Going To Be Glorious’