Bitcoin price spikes $800 on claims SEC is engaging with exchanges over spot ETFs

The price of bitcoin spiked by $800 immediately following a report that the U.S. Securities and Exchange Commission has been interacting with exchanges in relation to numerous spot bitcoin ETF applications.

"Hearing chatter SEC’s Trading & Markets engaged with exchanges this week on spot bitcoin ETF 19b-4s, is advising them they'd like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple weeks," wrote Eric Balchunas, senior ETF analyst for Bloomberg, on the social media platform X. "This isn't unexpected but good sign nonetheless."

The price of bitcoin surged from roughly $36,000 to $36,800 in just minutes following the post before settling down, according to The Block's Price Page.