Bitcoin Hits 1.5-Year High: Here's The Reason Behind BTC's Latest Rally
1 year, 2 months ago

Bitcoin Hits 1.5-Year High: Here's The Reason Behind BTC's Latest Rally

ABP News  

In a noteworthy surge on Monday, October 23, Bitcoin experienced a remarkable 10 per cent boost, reaching levels not seen in a year and a half. The cryptocurrency's impressive climb was accompanied by a simultaneous upswing in crypto-related equities, fueled by growing speculation surrounding the potential approval of a Bitcoin exchange-traded fund. As per the latest data, the world's most prominent cryptocurrency, Bitcoin, was trading at $32,833, after briefly touching a high of $34,283, at the time of writing. Market participants view the possibility of a spot Bitcoin ETF as a potential catalyst for broader investments in the cryptocurrency, offering a more accessible route for a wide range of investors to gain exposure without the need for direct trading. Several prominent financial institutions, including BlackRock, VanEck, WisdomTree, Fidelity, Bitwise, and Invesco, have all submitted applications for Bitcoin ETFs, currently pending approval.

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