Bitcoin surged over 12% on Tuesday, rising above $35,000 for the first time in more than a year.
The world’s most popular cryptocurrency rose as high as $35,198, its highest in 17 months, over mounting speculation that an exchange-traded bitcoin fund is imminent according to Reuters. Bitcoin has gained over 20% in one week.
Tuesday’s increase followed a 10% rise on Monday, October 23.
Other cryptos also rose, with ether hitting $1,847.42 according to data on Investing.com. BNB rose to $237.49.
According to Livemint citing several reports, the US Securities and Exchange Commission (SEC) not appealing a ruling it was wrong to reject an application from Grayscale Investments has increased anticipation in the market.
Various companies have pending bitcoin ETF applications including investment BlackRock, Bitwise, Fidelity, Invesco, VanEck and WisdomTree
“The market is doing its best to front-run the approval of a physical BTC ETF, with consensus being that it will happen some time in the next three months, if not sooner,” said Matthew Dibb, CIO at crypto asset manager Astronaut Capital told Reuters.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
