The price of the digital currency Bitcoin has risen to its highest level in a year following further speculation about the possible approval of Bitcoin exchange-traded funds. The price of the oldest and largest crypto asset by market value temporarily surged above $31,500 late Thursday morning. This is the highest level since June 2022.
Since mid-June, bitcoin’s price has remained relatively stable near USD 30,000 after the cryptocurrency traded for less than USD 18,000 earlier this year. In recent weeks, the digital coin has been supported by growing interest from major investors.
Market observers explained the price hike in hopes that a Bitcoin exchange-traded fund would be approved by asset manager Blackrock, a major player in the traditional financial industry. It was recently announced that Blackrock had submitted further details of its application for approval of a Bitcoin fund to the US Securities and Exchange Commission.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
