Digital currency recoups all of losses sustained after collapse of Terra stablecoin
Bitcoin hit a 17-month high on Tuesday, recouping the losses it sustained in last year’s crash, on rising speculation that US regulators will approve stock market funds that invest directly in the cryptocurrency. The price of the digital currency leapt more than 10 per cent in the past 24 hours to $35,000 a token as traders grew increasingly confident the Securities and Exchange Commission would approve an exchange-traded fund in coming months.
Crypto advocates have said such funds offer consumers a cheap and safe way to trade the token, instead of buying it directly from unregulated crypto exchanges. The SEC has argued that it cannot offer investors reassurance that the bitcoin market is not prone to being manipulated.
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