ETF Hype, Binance Settlement Ignites Bitcoin Rally; Shiba Inu, Dogecoin Soar: Will $40,000 Be The Next BTC Target?

Bitcoin BTC/USD has broken the psychologically important level of $38,000 amidst the hype surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs) and the recent settlement of Binance with the U.S. Department of Justice (DoJ).

Bitcoin, the world’s largest cryptocurrency by market capitalization, has been fluctuating in value over the past few weeks.

It now surged past the $38,000 mark, a level that many investors and analysts consider significant.

This price movement was being closely watched by the global financial community, as it could potentially signal a bullish trend for Bitcoin.

The surge in Bitcoin’s price coincided with the growing anticipation of the approval of spot Bitcoin ETFs.

The U.S. Securities and Exchange Commission (SEC) is currently reviewing several applications for spot Bitcoin ETFs, and a positive decision could potentially open up cryptocurrency investing to a broader range of institutional and retail investors.

The ETF hype has led to an increase in transaction fees for Bitcoin.

Also Read: EXCLUSIVE: Changpeng Zhao's Exit, Binance's $4B Fine — A Wake-Up Call For Crypto, Or A Death Knell For The Industry?

Crypto exchange Binance reached a settlement with the DoJ. Binance and its CEO, Changpeng Zhao, have agreed to pay about $4.3 billion to resolve the DoJ’s investigations.

The charges included money laundering, unlicensed money transmitting and sanctions violations.

Despite the hefty fines, Binance remained operational and Zhao has managed to avoid jail time.

The recent developments in the cryptocurrency market have also impacted other top cryptocurrencies.

Ethereum ETH/USD, the second-largest cryptocurrency by market capitalization, is currently trading up about 3% at $2110.

Other top cryptocurrencies, including Dogecoin DOGE/USD, Binance Coin BNB/USD, Solana SOL/USD and Shiba Inu (ADA), are also trading with notable gains over the past 24 hours.

Read Next: Could Bitcoin's Market Cap Reach $3 Trillion? Here's Why Researchers Predict 'Yes'

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