The cryptocurrency market has seen a significant surge in pre-market activity after Bitcoin BTC/USD reached a new high of $63,500.

What Happened: Following Bitcoin’s 0.4% increase, several Bitcoin ETFs experienced a surge in pre-market activity on Monday. As per Benzinga Pro, Grayscale Bitcoin Trust GBTC rose by 1.46%, Bitwise Bitcoin ETF BITB by 1.31%, and ProShares Bitcoin Strategy ETF BITO by 1.21%. Other ETFs, including Fidelity Wise Origin Bitcoin Fund FBTC and ARK 21Shares Bitcoin ETF ARKB, also witnessed minor increases of 0.99% and 0.77%, respectively.

Reuters reported that Chris Weston, head of research at Pepperstone, attributed the surge to the “goldilocks macro backdrop,” which he believes is the primary driver of the current upward momentum. He also noted that Bitcoin’s rallies tend to be powerful, sparking significant FOMO (fear of missing out) among crypto investors.

See Also: Trump’s New Crypto Venture’s Legal Counsel Accused Of Attempting To Seize Control Of Rival Firm

Why It Matters: This surge in Bitcoin ETFs comes on the heels of a recent report by 10x Research, which suggested that Bitcoin’s correction phase may have ended. The report indicated a potential surge towards the $70,000 mark, with trading signals showing a favorable buying opportunity for Bitcoin and Ethereum.

Earlier in September, a viral story about a GameStop customer who turned a $33 trading card pack into a full Bitcoin worth over $60,000 also highlighted the growing influence of cryptocurrency in mainstream markets.

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Photo courtesy: Unsplash

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari