Frances Yue covers the cryptocurrency market for MarketWatch.
Bitcoin rose further on Tuesday, building on its gain Monday amid continued optimism that an exchange traded fund based on the crypto will be soon approved in the U.S.
Bitcoin rallied this week as investors celebrated incremental steps that might bring bitcoin ETFs closer to the market, with anticipation that the U.S. Securities and Exchange Commission will approve them soon, after repeatedly rejecting such applications in the past, citing their vulnerability to market manipulation.
Some investors are also turning to bitcoin as a potential safe haven asset, as the Israel–Hamas war intensifies, according to Patrick Munnelly, market analyst at Tickmill Group.
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