Bitcoin hits $35,000 for first time since 2022 on ETF optimism
Bitcoin extended a rally fuelled by expectations of fresh demand from exchange-traded funds, reaching the highest price since May last year.
The largest digital asset rose as much as 11.5% to top $35,000 before paring some of the gain to trade at $34,605 as of 8:11 a.m. (7:31 p.m. IST) in New York on Tuesday, taking its year-to-date rebound from 2022's digital-asset rout to 108%.
The possible approval in coming weeks of the first US spot Bitcoin ETFs is stoking speculative ardor for the token. Asset managers BlackRock and Fidelity Investments are among those in the race to offer such products. Digital-asset bulls argue the ETFs would widen adoption of the cryptocurrency.
A US federal appeals court on Monday also formalised a victory for Grayscale Investments LLC in its bid to create a spot Bitcoin ETF over objections from the US Securities and Exchange Commission.
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View Details»The SEC has so far resisted allowing ETFs that invest directly in Bitcoin, citing risks such as fraud and manipulation in the underlying market. The court ruling and flurry of applications from investment heavyweights to start spot funds stoked speculation that the agency will relent.
CRYPO STOCKS SURGE
Trading platform Coinbase Global Inc. and Bitcoin holder MicroStrategy rally 7.7% and 8.9%, respectively. Miners Marathon Digital Holdings and Riot Platforms are each up roughly 14% in the early session.
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