Bitcoin shows its volatility again, rising to $35,000 and setting a record for this year.
The largest cryptocurrency, Bitcoin, rose in price by more than 11% in the past 24 hours and briefly rose above $35,000 for the first time since 2022. Bloomberg reported this on October 24.
It is noted that in the last week the Bitcoin rate has increased by about 20%.
The last time Bitcoin price exceeded $35,000 was on May 7, 2022.
The main reason for the current growth is the hope that the United States will soon agree to the opening of spot cryptocurrency ETFs – exchange-traded funds, the price of which is tied to Bitcoin. They will facilitate entry into the crypto market for large investors who are unwilling to directly purchase digital assets due to fear of insufficient legal regulation and storage problems.
Funds with multibillion-dollar assets, such as BlackRock and Fidelity Investments, have applied to open-ended ETFs. Adherents of digital assets are confident that ETFs will expand the distribution of cryptocurrencies.
The second reason is the decision of the US federal court in favor of Grayscale Investments in a dispute with the US regulator SEC over the conversion of the Greyscale bitcoin trust fund into a spot ETF.
Currently, the US Securities and Exchange Commission does not allow ETFs that invest directly in Bitcoin, citing the associated risks of fraud and market manipulation. The court ruling and a flurry of applications from investment heavyweights to open spot ETFs have prompted speculation that the agency will soften its stance.
We remind you that since the beginning of this year, the price of Bitcoin has increased by more than 82%. Despite the growth, its rate is still lower than its historical maximum – in November 2021, the cryptocurrency was worth more than $69,000.
The network of cryptocurrency exchange services has been liquidated
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.