Bitcoin briefly tops $37K amid market optimism for pending spot ETF approvals

Bitcoin (BTC) briefly exceeded the $37,000 mark for the very first time in 18 months as the more comprehensive markets reflect optimism over the pending approval of area BTC exchange-traded funds (ETF) in the United States.Data from numerous cryptocurrency market platforms, consisting of Cointelegraph Markets Pro and TradingView, revealed BTC/USD hitting $37,073 at 7:47 am Eastern Time on Nov. 9 before backtracking below the mark.Bitcoin Futures were likewise trading over $37,000 soon after, with price information from the Chicago Mercantile Exchange (CME) going as high as $37,450 at 5:22 am ET.BTC future cost on the CME. Source: CNBCBitcoins latest price rise has been associated to the potential approval of 12 separate area Bitcoin ETFs over the next week. According to Bloomberg ETF experts James Seyffart and Eric Balchunas, the U.S. Securities and Exchange Commission (SEC) has a window up until Nov. 17 to authorize a number of high-profile offerings from popular U.S. fund managers.While there is much fanfare over the potential approval of these highly-anticipated BTC items, both analysts have also noted that there could be a lag time of a month or more before these offerings in fact launch. On the other hand, Grayscale, the largest cryptocurrency asset supervisor in the U.S., has also reportedly engaged the SEC directly to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF. The U.S. is yet to see a spot Bitcoin ETF authorized, which would permit investors to acquire indirect direct exposure to a financial product that is physically backed by BTC.Magazine: The Truth Behind Cubas Bitcoin Revolution: An on-the-ground report