In Asia, cryptocurrencies maintained their upward trend, with Bitcoin reaching an almost 18-month high. Bitcoin’s price increased by more than 6% to $35,198, the highest since May 2022. This recent bounce comes on the heels of a 10% increase in Bitcoin’s price the day before, which marked one of the currency’s greatest sessions in nearly a year.
The anticipation of the debut of an exchange-traded Bitcoin fund (ETF) has contributed to heightened demand for Bitcoin. The possibility of ETF approval is enticing investors seeking exposure to Bitcoin without directly engaging in cryptocurrency markets. Several corporations, including investing behemoth BlackRock, have submitted applications for Bitcoin funds in the United States.
The market’s anticipation of ETFs is further fueled by news that the US Securities and Exchange Commission will not appeal a court verdict indicating that it was improper to reject Grayscale Investments’ ETF application. This move is likely to improve Bitcoin’s liquidity as more investors obtain access to the cryptocurrency via ETFs.
