Bitcoin has more than doubled this year. Bitcoin's value has more than doubled this year, a surprising recovery after a tumultuous 2022 that had some skeptics predicting the digital asset's demise.

The largest cryptocurrency by market capitalization rebounded for the first time in three days, pushing its price back to around $35,000, an almost 18-month high. Bitcoin plummeted 64% last year due to industry scandals and bankruptcies. It reached a record value of about $69,000 at the end of 2021. Expectations that the U.S. Securities and Exchange Commission will allow exchange-traded funds to invest directly in cryptocurrencies after a decade of deliberation have increased, fueling a rally of more than 25% in the past two weeks.

Darius Tabatabai, co-founder of decentralized exchange Vertex Protocol, said: ``Sentiment is clearly bullish, with increasing evidence suggesting that a physical Bitcoin ETF is likely to be listed soon in the US.'' ” he said.

On Monday, a federal appeals court formally certified a victory for Grayscale Investments LLC in its attempt to create a Bitcoin-based ETF. Last week, Bitcoin briefly rose 10% to its highest level since August after a false report that BlackRock had received SEC approval for an ETF. Tabatabai added that the exchange set a new record for short-term liquidations in the past 24 hours and recorded the highest trading volume ever.

"The bulls are almost back, bringing some much-needed optimism to a market that has been pretty bleak for some time now," Tabatabai said.