Bitcoin soared past $31,000 per coin on Monday as hype around a spot Bitcoin ETF led to increased optimism in the space.

The largest digital asset by market cap was priced at $31,284 at the time of writing, a rise of nearly 5% in 24 hours, according to CoinGecko. The coin is up more than 11% in the past seven days.

Bitcoin was last this high in mid-July. It has since dropped as low as $25,133 but largely hovered between $26,000 and $27,000 per coin.

Bulls have flooded the space as talk about a spot Bitcoin ETF has investors hopeful that the long-awaited crypto product will soon get approval from the U.S. Securities and Exchange Commission.

A Monday CoinShares report showed that institutional investors are pouring money into the space; JPMorgan analysts said last week that a spot Bitcoin ETF could be approved by Christmas.

High-profile investment firms that have applied to the SEC for a spot ETF are fine tuning their applications in the hope that the regulator will give them the green light

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Author: Mathew Di Salvo

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