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Bitcoin rallies 11% to 17-mth high amid spot ETF hopes

Investing.com
·2 min read

Investing.com-- Bitcoin, the world’s largest cryptocurrency, rose sharply on Tuesday amid increased speculation that the U.S. Securities and Exchange Commission was close to approving a spot exchange-traded fund.

The token surged 11% to $33,433.8, hitting its highest level since May 2022. It also broke above the $30,000 level for the first time since July.

World no.2 crypto ethereum also rose nearly 7%.

A legal battle between the SEC and digital assets firm Grayscale came to a close on Monday in the latter’s favor, after the D.C. Circuit Court of Appeals formally ruled that the agency wrongfully rejected Grayscale’s application for an ETF that directly tracks the price of Bitcoin.

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Additionally, media reports suggested that a spot Bitcoin ETF application by Blackrock was also seen moving closer to fruition, with the iShares Bitcoin Trust now appearing to have been listed on the website of the Depository Trust and Clearing Corporation.

While neither of the two news pieces offered any concrete signs that a spot Bitcoin ETF had been approved, they ramped up optimism over an eventual approval this year, which is expected to attract more institutional investors into a severely depleted crypto market.

Recent weakness in the dollar also somewhat aided crypto markets, amid increasing bets that the Federal Reserve was done hiking interest rates this year.

BlackRock Inc (NYSE:BLK), Grayscale, Ark Ventures and VanEck are among the several applicants for a spot Bitcoin ETF in the U.S., after the SEC rejected a series of applications over the past year. Its repeated rejection of Grayscale’s proposal had attracted a lawsuit from the digital assets firm, which had ended in the firm’s favor this week.

A spot Bitcoin ETF is expected to attract more capital into the crypto market, which is reeling from a severe lack of liquidity following a price crash and several high-profile bankruptcies over the past year.

This was evident with Bitcoin volumes languishing at multi-year lows, as retail interest in crypto dried up after major players including Binance and Coinbase Global Inc (NASDAQ:COIN) were slapped with allegations of fraud and operating unlicensed exchanges.

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