Bitcoin’s price has surged by 11.5% to surpass $35,000 before settling at $34,605, reaching its highest level since May the previous year, Bloomberg reports.
The expectation of the first US spot Bitcoin exchange-traded funds (ETFs) getting approval in the coming weeks is driving speculative interest in the cryptocurrency. BlackRock and Fidelity Investments, among other asset managers, are competing to offer such products, potentially increasing Bitcoin adoption.
The recent court ruling in favor of Grayscale Investments LLC in its bid for a spot Bitcoin ETF has fueled speculation that the US Securities and Exchange Commission (SEC) may relent on this issue.
The SEC has been cautious about approving ETFs directly investing in Bitcoin due to concerns about fraud and market manipulation.
