Bitcoin has hit its highest value since last May, surging over 6% to land at $35,198. This uptick followed a stellar Monday session that saw a 10% jump, marking a two-fold price increase this year alone. The catalyst? Widespread speculation around the imminent approval of Bitcoin-focused exchange-traded funds (ETFs).
Crypto-related stocks like Coinbase and MicroStrategy have also benefited, ticking upwards in after-hours trading. Ethereum’s digital coin, ether, wasn’t left behind, breaking the $1,800 mark.
BlackRock, a leading investment firm, is in the line-up of companies with pending Bitcoin fund applications in the U.S. Fueling speculation, BlackRock’s iShares ETF recently appeared on clearing house DTCC’s website, although both parties have remained tight-lipped about the listing.
Last week, false claims circulated that BlackRock had secured ETF approval, however, insiders have confirmed the application is still pending. In summary, the crypto market’s latest rally is rooted in high hopes for a sentiment that has invigorated both cryptocurrency and related stocks. The financial world is now keenly watching the next moves from regulatory bodies and market leaders like BlackRock.
So, as the crypto sphere hovers on the cusp of potentially game-changing innovations, now is the time to stay updated on these fast-paced market shifts.
