The BTC exchange rate rose to 36,703 USD on Friday. The weekly increase is 6.2%, with a peak price of 37,962 USD.
The market appears overly optimistic despite the hypothetical shift from a seasonal trend to a corrective one. From a technical standpoint, buyers are confidently approaching the 38,000 USD mark, targeting the next level at 42,000 USD.
The platform is monitoring Bloomberg's updates. It is said that between 9 and 17 November, the US Securities and Exchange Commission (SEC) might approve 12 spot bitcoin ETF applications, which matches the current number of applications filed. According to public sources, the application review deadline ends on 8 November. Approval, naturally, is not guaranteed. However, the SEC is under significant pressure from everywhere, and there has been ample time to review the terms for approval and submit applications.
The approval of a bitcoin ETF will trigger an influx of fresh capital into the market, bolstering the exchange rate of BTC and altcoins.
The cryptocurrency market capitalisation has increased to 1.40 trillion USD. BTC's share has decreased to 51.2%, while the share of ETH has risen to 18.2%.
BlackRock has applied for a spot Ethereum-ETF
The investment giant BlackRock has submitted an application to launch iShares Ethereum Trust, a spot Ethereum-ETF. At a time when the SEC is reviewing underlying filings, there is a significant focus on such products.
XRP has increased in value ahead of the Ripple Swell conference
The Ripple Swell conference has started in Dubai without any major announcements yet. However, the price of the XRP token has risen to 0.70 USD.