Bitcoin soars to 1-1/2-year high on ETF bets
economictimes.indiatimes.comBitcoin soared 10% to 1-1/2 year highs on Monday, and crypto-linked stocks followed it higher as speculation about the possibility of a bitcoin exchange-traded fund drove enthusiasm about the sector and prompted short-sellers to quit positions.
The world's biggest cryptocurrency was last at $32,833 after trading as high as $34,283. Crypto-related shares such as exchange Coinbase Global, miner Marathon Digital bitcoin holder MicroStrategy rose sharply and were making further gains in after-hours U.S. trade.
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Anticipation of a bitcoin exchange-traded fund (ETF) has grown after reports this month, including from Reuters, that the U.S. Securities and Exchange Commission won't appeal a ruling it was wrong to reject an application from Grayscale Investments.
The prospect of a spot bitcoin ETF is seen driving broader flows into the cryptocurrency, as it would allow a wider set of investors to buy exposure without directly trading it.
«The market is doing its best to front-run the approval of a physical BTC ETF, with consensus being that it will happen some time in the next three months, if not sooner,» said Matthew Dibb, CIO at crypto asset manager Astronaut Capital.
BlackRock, VanEck, WisdomTree, Fidelity, Bitwise and Invesco all have pending bitcoin ETF applications. Blackrock's iShares ETF is on a list of ETFs on the website of clearing house DTCC, driving the most
