Bitcoin is having another moment. The world’s largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months. The recent rally for volatile bitcoin coincides with the prospect of exchange-traded funds being launched based on spot bitcoin.
File - Bitcoin is for sale at an Automated Teller Machine at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on March 13, 2023. The world’s largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months. File- An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, Thursday, Feb. 17, 2022. The world’s largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months.
A green light from federal regulators hasn’t arrived yet, but recent wins for some crypto fund managers with applications for bitcoin spot ETFs have improved odds for approval, perhaps in the coming months., for example, after the company sued the regulator last year for rejecting its application over concerns about investor protections and other issues. The SEC did not appeal the decision.
Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally” around spot bitcoin ETF prospects.
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