Bitcoin is having another moment.
File - Bitcoin is for sale at an Automated Teller Machine at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on March 13, 2023. The world's largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months. is having another moment. The world's largest cryptocurrency soared to almost $35,000 this week, marking its highest point in nearly 18 months — and more than double the price seen at the start of 2023.
Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. Industry advocates say a new way to invest in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the cryptoverse while lowering some of theA green light from federal regulators hasn't arrived yet, but recent wins for some crypto fund managers with applications for bitcoin spot ETFs have improved odds for approval, perhaps in the coming months.
Social media chatter, as well as misinformation, can make notable impacts on crypto trading, Moya and others note. Kaiko Research points to a brief spike in the price of bitcoin last week, for example, after crypto news outlet Cointelegraphabout the SEC approving iShares' spot bitcoin ETF on X, the platform formerly known as Twitter. That post was soon retracted.
Despite the recent excitement around bitcoin, crypto is still a risky bet. Experts like Moya call it “the most volatile asset class,” pointing to wildly unpredictable fluctuations in value. In short, investors can lose money as quickly as they make it.also “left a big scar” on the public's confidence in the crypto industry and crushed retail investors, Moya said — noting that institutional money, like hedge funds, are behind the bulk of crypto investing today.
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