The price of bitcoin hit its highest level since May last year, bolstered by positive sentiment about a bitcoin exchange-traded fund.
The price of bitcoin breached the $34,000 level to hit its highest since May last year, buoyed by optimism around the possibility of a Bitcoin ETF.Anticipation of a Bitcoin ETF grew after the court sided with Grayscale over the U.S. SEC in its bid to turn its huge GBTC bitcoin fund into an ETF.breached the $34,000 level to hit its highest since May last year, bolstered by positive sentiment about a bitcoin exchange-traded fund.
"I don't think anyone expected the level of price action we're seeing, and those investors who were shorting bitcoin in the $33,000 plus range are certainly feeling the pain of that surprise today," said Rasmussen.over the U.S. Securities and Exchange Commission in its bid to turn its huge Grayscale Bitcoin Trust bitcoin fund into an ETF.A bitcoin ETF would give investors a way to gain exposure to bitcoin's price movements without owning the cryptocurrency directly.
Bitcoin price reached an all-time high in November 2021, with values exceeding over $65,000 at that time. However, a year later, the value plummeted to around $16,000 in November last year. That was when Sam Bankman-Fried's crypto exchangefor a lack of clarity around crypto regulations and threatened to leave the country in response to the SEC's crackdown.Crypto-friendly Rep.
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