#btc #btc Bitcoin Jumps to Near $28K As Bulls Bet on ETF Approval

Bitcoin (BTC) jumped some 4.5% in the Asian morning hours Monday amid hopes that a bitcoin exchange-traded fund (ETF) could get approved in the coming months, sparking bullish hopes.

Bitcoin traded just under $28,000, reversing all losses over the past week. The jump seemed to be a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission (SEC) decision to not appeal to a recent Grayscale ruling.The SEC will apparently not appeal a court reversal of a decision to Grayscale convert its popular bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.This helped boost the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more appealing ETF