Bitcoin Hits $35,000 for First Time Since 2022

Oct 24, 2023 thejournalbiz

Traders hopeful first US spot Bitcoin ETFs will get approval

The largest token doubled this year following the 2022 crypto rout

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Bitcoin Hits $35K for First Time Since 2022
Traders hopeful first US spot Bitcoin ETFs will get approval via Bloomberg#btc #crypto #news pic.twitter.com/PJXiAkkl2h

— The_Journalbiz (@the_journalbiz) October 24, 2023

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Bitcoin extended a rally fueled 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 $33,918 as of 7:25 a.m. in London on Tuesday, taking its year-to-date rebound from 2022’s digital asset rout to 105%.

The possible approval in the coming weeks of the first US spot Bitcoin ETFs is stoking speculative ardor for the token. Asset managers BlackRock Inc. 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 formalized a victory for Grayscale Investments LLC in its bid to create a spot Bitcoin ETF over objections from the US Securities and Exchange Commission.

The SEC has so far resisted allowing ETFs that invest directly in Bitcoin, citing risks such as fraud and manipulation in the underlying market.

Bitcoin also surged 10% intraday at the start of last week on ETF hype.