Bitcoin rallies 11% to 17-mth high amid spot ETF hopes
Investing.com-- Bitcoin, the world’s largest cryptocurrency, rose sharply on Tuesday amid increased speculation that the U.S. Securities and Exchange Commission was close to approving a spot exchange-traded fund.surged 11% to $33,433.8, hitting its highest level since May 2022. It also broke above the $30,000 level for the first time since July.
Additionally, media reports suggested that a spot Bitcoin ETF application by Blackrock was also seen moving closer to fruition, with the iShares Bitcoin Trust now appearing to have been listed on the website of the Depository Trust and Clearing Corporation. Recent weakness in the dollar also somewhat aided crypto markets, amid increasing bets that the Federal Reserve was done hiking interest rates this year.), Grayscale, Ark Ventures and VanEck are among the several applicants for a spot Bitcoin ETF in the U.S., after the SEC rejected a series of applications over the past year. Its repeated rejection of Grayscale’s proposal had attracted a lawsuit from the digital assets firm, which had ended in the firm’s favor this week.
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