Bitcoin reached its highest price since May last year, with the rally supported by expectations of new demand from exchange-traded funds. Thus, Bitcoin tested the $35,000 level.
Bitcoin surpassed $35,000 for the first time since 2022 on expectations that pending approval ETFs will create additional demand.The largest cryptocurrency rose as much as 11.5% on Tuesday. Bitcoin, which experienced a daily increase of 8.9% in the evening hours in North America, found buyers at $34,334.
Institutions, including giant funds such as Blackrock and Fidelity, applied to the US capital markets regulatory agency SEC for approval of Bitcoin-based ETF funds. Speculation that these ETFs will be approved in the coming weeks pushed Bitcoin prices up.
The SEC has been resistant to approving ETFs because the Bitcoin market is open to manipulation and fraud. However, the US Supreme Court’s recent decision to justify Grayscale Investments, which wanted to establish a spot Bitcoin ETF, led to comments that the SEC would not offer further resistance.
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