Bitcoin
(BTC),
the
world’s
largest
cryptocurrency
by
market
value,
has
climbed
to
levels
not
seen
since
May
2022
on
Friday
amid
quiet
trading
in
traditional
markets,
the
day
after
the
U.S.
Thanksgiving
holiday.
The
cryptocurrency
briefly
touched
$38,000
earlier
Friday
morning
but
retreated
to
levels
around
$37,800.
BTC
has
now
held
above
the
$38,000
threshold
for
a
few
hours
and
appears
to
be
attempting
to
push
higher.
The
uptick
in
price
comes
as
investors
are
expecting
a
possible
approval
from
the
U.S.
Securities
and
Exchange
Commission
(SEC)
on
a
spot
bitcoin
exchange-traded
fund
(ETF).
Crypto-related
stocks
also
gained
on
the
day,
with
Coinbase’s
COIN
gaining
6%,
Stronghold
Digital
Mining
(SDIG)
6.4%
and
Marathon
Digital
Holdings
(MARA)
by
4%.
“With
the
BTC
ETF
lurking
around
the
corner
–
which
may
be
Jan
.11
for
the
19b1
consent
(not
s1
approval)
there
will
be
a
new
layer
of
volatility
to
the
market,”
said
Laurent
Kssis
in
an
interview
with
CoinDesk.
“Due
to
the
ease
of
trade
and
cost-effectiveness,
a
bitcoin
ETF
will
attract
more
turnover
in
volumes
from
institutional
investors
currently
not
seen
on
crypto
exchanges
as
they
are
not
allowed
to
execute
on
these
non-regulated
exchanges
by
their
compliance
depts,”
explained
Kssis.
Kssis
predicts
that
bitcoin
could
rally
to
$40,000
over
the
weekend.
“When
approved,
the
volatility
of
BTC
will
be
significant
during
these
periods
which
create
additional
risks
for
investors
but
as
well
opportunities
for
those
arbitraging.
Would
not
be
surprised
if
we
see
40K
being
broken
this
weekend,”
Kssis
said.
Ether
(ETH),
the
second
largest
cryptocurrency
by
market
value,
also
gained
over
3%
on
Friday.
UPDATE
(Nov.
24,
18:27
UTC):
Adds
price
action
of
crypto-linked
stocks.
