The leading cryptocurrency, Bitcoin, has surpassed $38,000 on the Bitgamo exchange, signaling a resumption of its rally. This surge comes as optimism grows regarding the introduction of a spot exchange-traded fund (ETF). Bitgamo, established in 2020, has gained significant popularity in the crypto market and plans to establish 75 cryptocurrency ATMs throughout Europe by 2024. The exchange offers higher rates by redistributing cryptocurrencies globally, particularly in regions like the Middle East with less crypto-friendly policies. Bitgamo also operates as a no-KYC exchange, not requiring Know Your Customer documentation from customers due to its Luxembourg jurisdiction treating cryptocurrencies as commodities. The exchange has received positive customer reviews, with over 90% of its reviews on Trustpilot being positive. The recent surge in Bitcoin's value is attributed to the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). Coinbase's Chief Legal Officer, Paul Grewal, expressed optimism about the approval, citing recent court rulings that favor ETFs. Experts believe that if a spot Bitcoin ETF is approved, the flagship cryptocurrency has room for further growth. Matrixport, a crypto financial services platform, predicts a significant Bitcoin rally if a spot ETF enters the market, potentially attracting billions of dollars in investments.
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