Bitcoin soars on ETF expectations
Cryptocurrencies gained on expectations U.S. regulators are moving to approve a bitcoin exchange-traded fund.
Shares of MicroStrategy, a software intelligence firm that periodically adds bitcoins to its coffers, rose 8.3%. Shares in the company often rise or fall with bitcoin.
Tweet on BTC rising amid rising ETF speculation
Cryptocurrencies gained on expectations U.S. regulators are moving to approve a bitcoin exchange-traded fund.#Bitcoin #crypto #news pic.twitter.com/5N5yu9wbpB
— The_Journalbiz (@the_journalbiz) November 9, 2023
Coindesk Chart:BTC
The runup in cryptocurrency markets extends a rally that began in October, and which many attribute to bets that the Securities and Exchange Commission will approve ETFs that directly hold BTC, known as spot bitcoin ETFs. For now, these investment vehicles are only allowed to hold bitcoin futures.
CoinDesk reported late Wednesday that the SEC began talks with one applicant, Grayscale Investments.
Bitcoin recently traded at about $36,620, according to CoinDesk, up 2.9% from late Wednesday.
The token has risen more than 35% over the past month and more than doubled in value so far this year.
Ether, the second largest cryptocurrency, also rose
