**Bitcoin Surges to 18-Month High on Speculation of U.S. Approval for ETF**
Bitcoin, the leading cryptocurrency, experienced a significant surge of as much as 16% in early Asia hours on Tuesday, reaching an 18-month high of $35,080.66. This surge came amid speculations that the United States could soon approve a Bitcoin exchange-traded fund (ETF).
**Bitcoin and Ethereum Prices Soar**
Data from Binance showed that Bitcoin was last up 16% at $35,080.66. Additionally, Ethereum, a smaller rival to Bitcoin, also experienced a surge, rising nearly 9% to $1,830, breaking above its 200-day moving average.
**Crypto-Related Shares Rise Sharply**
Shares of crypto-related companies, including exchange Coinbase Global, miner Marathon Digital, and Bitcoin holder MicroStrategy, also saw sharp increases and were making further gains in after-hours US trade.
**Growing Anticipation for a Bitcoin ETF**
Reports, including from Reuters, have added to the growing anticipation of a potential bitcoin exchange-traded fund (ETF). The US Securities and Exchange Commission’s decision not to appeal a ruling that it was wrong to reject an application from Grayscale Investments has contributed to the speculation.
The prospect of a spot Bitcoin ETF is seen as a driver for broader flows into the cryptocurrency, as it would allow a wider set of investors to buy exposure without directly trading it. Evidence from the Depository Trust and Clearing Corporation (DTCC) website suggests that Blackrock is preparing for the ETF’s launch. Blackrock’s iShares ETF is listed on the DTCC website, further fueling speculation that its approval is imminent.
**Potential Impact on Other Bitcoin ETF Applications**
An SEC approval of the ETF would likely pave the way for the approval of many other Bitcoin ETF applications. Companies such as VanEck, WisdomTree, Fidelity, Bitwise, and Invesco also have pending Bitcoin ETF applications.
**Bitcoin’s Price Surge and Market Cap**
The price of Bitcoin has surged by 107% this year alone, adding over $300 billion of market capitalization. Bitcoin’s market cap now stands at $670 billion, a significant increase from its value of below $300 billion last year.
**Bitcoin as a Safe Haven Asset**
Amid worsening geopolitical tensions, Bitcoin is increasingly being viewed as a safe haven asset, further driving its popularity and value.
With these developments, the cryptocurrency landscape continues to evolve, with Bitcoin’s surges and the anticipation of a potential ETF approval shaping the market’s trajectory.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
