Bitcoin rose as much as 6.7% to $37 973 on Thursday before paring the gain.
It took just over 18 months, but Bitcoin is finally back to where it traded before the event that precipitated the last crypto crash .
“BTC has finally shown signs of being regarded as investors as a risk-off asset similar to gold, as implied by the correlations in the past months,” said Jaime Baeza, managing partner at crypto hedge fund AnB Investments. The optimism of the potential approval by the regulator, after more than a decade of deliberation, has bolstered the token more than 120% this year and Caroline Mauron, co-founder of digital-asset derivatives liquidity provider Orbit Markets, sees a “sustained interest in bets on a further Bitcoin rally.” In comparison, global stocks have risen a modest 10% over the same period.
Meanwhile, the price of Ether surged on bets that BlackRock Inc. is gearing up to file for an exchange-traded fund that would be centered on the second-largest cryptocurrency.
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