Bitcoin's price surges by over 13% as ETF prospects, changing macroeconomic narratives, and low liquidity support its momentum.
Bitcoin’s price continued to rise on Tuesday, heading higher on optimism about progress in the listing of a spot bitcoin exchange traded fund ETF in the US. The digital asset was up as much as 13 percent on Tuesday afternoon, trading at around $34,450 — its highest point since May last year.
But analysts say that it’s not just the ETF action driving the price run. The shift in the macroeconomic narrative, with the sharp drop in US Treasury yields this week, alongside a stronger intensification of a “safe haven” narrative for the asset are also propping it up, according to Noelle Acheson, analyst and author of the Crypto is Macro Now newsletter.
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