Bitcoin tops $35,000, leaps to 2023 high on ETF bets
Bitcoin rallying to an almost 18-month high on speculation that an exchange-traded Bitcoin fund is imminent.
Bitcoin rose more than 6% to $35,198, its highest since May 2022. It surged 10% on Monday in its best session for almost a year and its price has doubled in 2023.
Crypto-linked shares such as Coinbase Global or bitcoin owner MicroStrategy rose in after-hours trade. Cryptocurrency ether broke above $1,800.
An exchange-traded fund (ETF) owning Bitcoin on behalf of fund investors is seen as a driver of demand because it would allow anyone reluctant to trade crypto markets a means of buying exposure to bitcoin through the stock market.
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View Details»Investment giant BlackRock is among several firms with pending applications for Bitcoin funds in the U.S. and speculation on their likely approval was fuelled by BlacRock's iShares ETF listing on the website of clearing house DTCC.
Anticipation has also grown after reports this month, including from Reuters, that the gatekeeper, the U.S. Securities and Exchange Commission, won't appeal a court ruling it had been wrong to reject an ETF application from Grayscale Investments.
«The value of an asset … any asset basically, is the amount of people using it. So the ETF would make a large audience and increase liquidity,» said Steen Jakobsen, CIO at Saxo.
It was not clear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately
