Bitcoin price skyrocketed to $38,000 on November 29, 2023, as the Securities and Exchange Commission (SEC) delayed its decision on a proposed Bitcoin exchange-traded fund (ETF). The price surge was the biggest one-day gain for Bitcoin since April, bringing the cryptocurrency to its highest level since July.
The SEC had been scheduled to decide on the fate of the VanEck Bitcoin ETF on November 29, but it instead announced that it would delay its decision until December 31. The SEC said it needed more time to consider the comments it received on the proposal.
The news of the delay sent shockwaves through the cryptocurrency market, and Bitcoin immediately began to rally. The price of Bitcoin jumped by more than 10% in a matter of minutes, and it continued to rise throughout the day.
The rally was fueled by speculation that the SEC would ultimately approve the Bitcoin ETF. An ETF would make it easier for institutional investors to invest in Bitcoin, and it is widely believed that this would lead to a surge in demand for the cryptocurrency.
The delay in the SEC’s decision is a setback for proponents of the Bitcoin ETF, but it is not necessarily a death knell. The SEC has not yet said no to the ETF, and it is still possible that it could be approved in the future.
In the meantime, Bitcoin investors are celebrating the recent price surge. The cryptocurrency is up more than 100% from its lows in June, and it is now on track to have its best year since 2017.