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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Bitcoin leaps to 2023 high on ETF bets

Bitcoin logo
A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial distric... A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district July 28, 2015. REUTERS/Brendan McDermid/File Photo
Bitcoin logo
A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial distric... A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district July 28, 2015. REUTERS/Brendan McDermid/File Photo

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During Tuesday’s trade in Asia, cryptocurrency prices continued their upward trend, with bitcoin reaching a new high that hasn’t been seen in almost 18 months on the back of rumors that an exchange-traded bitcoin fund is on the horizon.

Bitcoin’s price increased by over 6%, reaching a new all-time high of $35,198. In what was its best session in almost a year, it soared 10% on Monday, and by 2023, its price will have doubled.

During after-hours trading, the price of crypto-linked shares such as Coinbase Global (COIN.O) and bitcoin owner MicroStrategy (MSTR.O) increased. The value of the cryptocurrency ether surged past the $1,800 mark.

An exchange-traded fund (ETF) that holds bitcoin on behalf of fund investors is believed to be a demand driver. An ETF would allow individuals hesitant to trade in cryptocurrency markets to acquire exposure to Bitcoin through the stock market.

Speculation on whether or not the pending applications for bitcoin funds in the United States will be approved was fueled by the listing of BlackRock’s iShares ETF on the website of the clearing house DTCC. Investment giant BlackRock (BLK.N) is one of several firms with pending applications for Bitcoin funds in the United States.

There have been reports this month, some of which came from Reuters, that the gatekeeper, the United States Securities and Exchange Commission, will not appeal a court ruling that found it wrong to reject an ETF application from Grayscale Investments. These reports have contributed to an increase in anticipation.

“The number of people using an asset—or any asset, for that matter—is directly proportional to the asset’s value. According to Steen Jakobsen, the Chief Investment Officer at Saxo, the ETF would make a large audience and increase liquidity.

It was unclear when or why the iShares ETF was included on the DTCC list. Neither the date nor the reason was given. Requests for comments made by phone and email were not immediately met with a response from DTCC or BlackRock. The week before last, BlackRock refuted a false report that its exchange-traded fund (ETF) had been granted approval, and sources close to the SEC confirmed that the application was still being considered.

Data on the site for the analysis of crypto derivatives During the previous twenty-four hours, Coinglass highlighted significant bitcoin short-covering activity.

This move also comes when widespread markets are concerned that Israel’s conflict with the Islamist Hamas could escalate into a larger regional conflict. An analyst at Capital.com named Kyle Rodda stated that the conflict and the emergence of the radical Javier Milei as the frontrunner for Argentina’s presidency could also have helped boost demand for Bitcoin, which can sometimes store wealth during economic uncertainty.


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