Bitcoin Surges to 1.5-Year High on ETF Speculation
Bitcoin experienced a remarkable 10% surge on Monday, reaching its highest level in 1.5 years. This surge also propelled cryptocurrency-related stocks, such as Coinbase Global, Marathon Digital, and MicroStrategy, to higher values during after-hours trading in the United States.
The world's largest cryptocurrency ultimately settled at $32,833 after trading as high as $34,283. Other cryptocurrencies, like Ether, also saw gains, rising by 6% and surpassing the 200-day moving average.
Speculation about a Bitcoin Exchange-Traded Fund (ETF) has intensified following reports, including from Reuters, suggesting that the U.S. Securities and Exchange Commission (SEC) would not appeal a ruling stating that the rejection of Grayscale Investments' registration was a mistake.
The potential approval of a Bitcoin ETF is expected to boost cryptocurrency investment further. It would allow investors to take on more risk without the need for direct cryptocurrency trading. Several major players, including BlackRock, VanEck, WisdomTree, Fidelity, Bitwise, and Invesco, have pending Bitcoin ETF applications. BlackRock's iShares ETF is notably listed on the Depository Trust & Clearing Corporation (DTCC) website, sparking recent speculation about its imminent approval.
However, uncertainty remains as DTCC and BlackRock have not provided immediate comments on these speculations. Last week, BlackRock denied a mistaken report claiming ETF approval, and sources close to the SEC confirmed that pending applications are still being processed.
This surge in cryptocurrency prices coincides with widespread concerns across larger markets regarding the escalating conflict between Israel and the Hamas militant group, which has contributed to increased demand for scarce assets, including physical gold and digital gold, also known as Bitcoin.
The world's largest cryptocurrency ultimately settled at $32,833 after trading as high as $34,283. Other cryptocurrencies, like Ether, also saw gains, rising by 6% and surpassing the 200-day moving average.
Speculation about a Bitcoin Exchange-Traded Fund (ETF) has intensified following reports, including from Reuters, suggesting that the U.S. Securities and Exchange Commission (SEC) would not appeal a ruling stating that the rejection of Grayscale Investments' registration was a mistake.
The potential approval of a Bitcoin ETF is expected to boost cryptocurrency investment further. It would allow investors to take on more risk without the need for direct cryptocurrency trading. Several major players, including BlackRock, VanEck, WisdomTree, Fidelity, Bitwise, and Invesco, have pending Bitcoin ETF applications. BlackRock's iShares ETF is notably listed on the Depository Trust & Clearing Corporation (DTCC) website, sparking recent speculation about its imminent approval.
However, uncertainty remains as DTCC and BlackRock have not provided immediate comments on these speculations. Last week, BlackRock denied a mistaken report claiming ETF approval, and sources close to the SEC confirmed that pending applications are still being processed.
This surge in cryptocurrency prices coincides with widespread concerns across larger markets regarding the escalating conflict between Israel and the Hamas militant group, which has contributed to increased demand for scarce assets, including physical gold and digital gold, also known as Bitcoin.
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