Bitcoin Already Hit $38,000 on This Exchange as Flagship Cryptocurrency Resumes Rally

Ruholamin Haqshanas
Last updated: | 2 min read
Bitcoin Logo / Source: Adobe

Bitcoin has already breached $38,000 on crypto exchange Bitgamo as the leading cryptocurrency pumps amid optimism around spot exchange-traded fund (ETF).

At the time of writing, BTC is trading at $37,682 on Bitgamo, compared to around $34,300 on other major exchanges including Binance and Coinbase

Founded in 2020, Bitgamo has gained notable traction in the crypto market.

Just last month, the platform announced that it would establish 75 cryptocurrency ATMs across Europe by 2024. 

According to Bitgamo, the exchange is able to offer higher rates through a strategy that involves the redistribution of cryptocurrencies to regions worldwide, particularly the Middle East and countries with less crypto-friendly policies. 

“This is made possible through Bitgamo’s extensive network of trusted third parties, enabling the exchange to offer superior exchange rates while facilitating access to crypto assets for individuals in these regions,” the platform said in a recent announcement

Bitgamo Offers No-KYC Crypto Exchange

Bitgamo has also implemented a no-KYC (Know Your Customer) exchange policy

According to the platform, it is not legally obligated to request KYC documentation from customers when selling crypto since it is operating from Luxembourg, a jurisdiction that treats cryptocurrencies as commodities.

Furthermore, Bitgamo allows users to sell cryptocurrencies in countries with strict crypto regulations by categorizing them as commodities, providing greater flexibility and accessibility.

Notably, the platform has received positive customer reviews. For one, more than 90% of the exchange’s reviews on business review website Trustpilot are positive. 

Bitcoin Pumps Amid Optimism Around Spot ETF

The flagship cryptocurrency has hit a 17-month high on prospects of spot ETF.

In a recent interview, Coinbase Chief Legal Officer Paul Grewal said that the SEC will soon approve a spot Bitcoin ETF.

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.” 

He highlighted the recent court ruling that dealt a blow to the SEC, stating that the regulator had no grounds to deny Grayscale’s bid to convert its GBTC Bitcoin fund into an ETF. 

Meanwhile, crypto experts believe the flagship cryptocurrency has more room for growth if a spot Bitcoin ETF is approved. 

As reported, crypto financial services platform Matrixport has predicted a major Bitcoin rally if a spot ETF hits the market. 

Comparing this to the precious metals ETFs, which have a market cap of around $120 billion, assuming that 10-20% of precious metal ETF investors consider diversifying into a Bitcoin ETF as a hedge against monetary debasement and inflation, Matrixport said we could witness an inflow of $12 to $24 billion into the Bitcoin ETF.

“If Tether’s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin’s price would rise to $42,000, representing a conservative estimate.”