Bitcoin (BTC) briefly crossed the $37,000 mark for the first time in 18 months, as broader markets reflected optimism over the pending approval of bitcoin spot trading funds in the US.

Data from a number of cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, showed that the BTC/USD price reached $37,073 at 07:47 EST on November 9 before falling below the mark.

The recent rise in Bitcoin prices has been attributed to the pending approval of 12 spot Bitcoin ETFs over the next week. According to Bloomberg ETFs analysts James Seyphart and Eric Balchunas, the SEC has a window until November 17 to approve a number of high-profile bids from prominent US fund managers.

While there is significant buzz around the potential approval of these highly anticipated Bitcoin products, both analysts also noted that there may be a delay of a month or more before these offerings actually launch.

Meanwhile, Grayscale, the largest crypto asset manager in the US, has reportedly directly engaged the SEC as it looks to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The US has yet to see immediate approval for a Bitcoin ETF. This offering allows investors to gain indirect exposure to a financial product physically backed by BTC.

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