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Bullish
Bitcoin Breaks $35,000, Driven by ETF Buzz
Bitcoin surged past $35,000 as investors anticipate the launch of exchange-traded funds (ETFs) on the US stock exchange. The price briefly rose 11.5% to reach $34,580 on Tuesday. This marks a 109% year-to-date rebound from Bitcoin's 2022 decline.
The potential approval of the first US Bitcoin spot ETF has sparked excitement among asset managers like BlackRock and Fidelity. A recent federal appeals court decision favored Grayscale's Bitcoin spot ETF, potentially changing the SEC's stance on direct Bitcoin investments.
Bloomberg Intelligence ETF analyst Eric Balchunas noted iShares Bitcoin Trust's listing with the ticker IBTC, signaling progress toward ETF approval.
Bitcoin experienced a 10% intraday surge due to ETF speculation, but it was dampened by erroneous reports. Ether and other cryptocurrencies also saw gains.
Despite the SEC's crackdown on crypto after last year's market crash, approval for Bitcoin spot ETFs seems inevitable. Bitcoin's price is still below its 2021 peak, but growing interest indicates a changing landscape for the cryptocurrency market.
#etf #BTC #bitcoin
Bitcoin surged past $35,000 as investors anticipate the launch of exchange-traded funds (ETFs) on the US stock exchange. The price briefly rose 11.5% to reach $34,580 on Tuesday. This marks a 109% year-to-date rebound from Bitcoin's 2022 decline.
The potential approval of the first US Bitcoin spot ETF has sparked excitement among asset managers like BlackRock and Fidelity. A recent federal appeals court decision favored Grayscale's Bitcoin spot ETF, potentially changing the SEC's stance on direct Bitcoin investments.
Bloomberg Intelligence ETF analyst Eric Balchunas noted iShares Bitcoin Trust's listing with the ticker IBTC, signaling progress toward ETF approval.
Bitcoin experienced a 10% intraday surge due to ETF speculation, but it was dampened by erroneous reports. Ether and other cryptocurrencies also saw gains.
Despite the SEC's crackdown on crypto after last year's market crash, approval for Bitcoin spot ETFs seems inevitable. Bitcoin's price is still below its 2021 peak, but growing interest indicates a changing landscape for the cryptocurrency market.
#etf #BTC #bitcoin
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