Bitcoin price hits 17-month high on hopes for spot Bitcoin ETF approval

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Bitcoin prices in South Korea rose more than 3 percent overnight on Monday to reach 41.6 million won, the highest level since May 13 2022, on expectations that spot Bitcoin exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC).

According to CoinMarketCap OpCo LLC on Monday, the price of Bitcoin was 41.6 million won as of 3 p.m. in the local market, up 3.09 percent from 9 a.m. on the same day.

In overseas markets, the price hit $30,900, up 97.4 percent from the beginning of the year.

It is the first time since May last year, shortly after the Luna crypto crash, that Bitcoin price has risen above 41.6 million won. In May, Bitcoin fell to the 21 million won level following the Celsius and FTX scandals.

The Bitcoin rally appears to be driven by hopes for the approval of spot Bitcoin ETFs.

Several asset managers, including BlackRock Inc. and ARK Investment Management LLC, have filed for spot ETFs, and they have amended their filings to address SEC’s concerns, which investors have taken as a positive sign, according to CNBC.