Bitcoin and other cryptocurrencies rose again on Tuesday as expectations persisted that US regulators will soon approve the first bitcoin spot exchange-traded fund — a long-awaited catalyst that could provide cryptocurrencies with a major boost.
Bitcoin's price rose 4% in the past 24 hours to $46,700, briefly surpassing the $47,000 level on Monday for the first time since March 2022. Bitcoin – which exploded in 2023 – is already up 10% so far this year amid… Expectations. The Securities and Exchange Commission…
Bitcoin
Cryptocurrencies and other cryptocurrencies rose again on Tuesday as expectations continued that US regulators will soon approve the first bitcoin spot exchange-traded fund — a long-awaited catalyst that could provide cryptocurrencies with a major boost.
Bitcoin's price rose 4% in the past 24 hours to $46,700, briefly surpassing the $47,000 level on Monday for the first time since March 2022. Bitcoin – which exploded in 2023 – is already up 10% so far this year amid… Expectations. The Securities and Exchange Commission will approve the first Bitcoin ETF, with a decision on a number of such funds likely this week.
“Bitcoin remains the talk of the town, with the cryptocurrency surpassing $47,000 yesterday amid speculation that we will finally see the SEC approve a raft of Bitcoin ETF products early,” said Joshua Mahoney, an analyst at brokerage Scope Markets. “From tomorrow.” “With each applicant declaring the fees associated with their ETF, the signs point very clearly to regulatory approval.”
In fact, there was a flurry of activity Monday from potential ETF issuers, including pricing plans for the funds that may suggest maneuvering ahead of regulatory approval. Hope that the Securities and Exchange Commission would allow bitcoin ETFs for spot trading has been a major force pushing the cryptocurrency higher since last summer, with bulls seeing the approval as likely to herald a new wave of investor interest in the tokens.
“The hope of bitcoin enthusiasts is that this move will finally move cryptocurrencies into the mainstream, allowing fund managers and traditional market participants the ability to allocate a percentage of their investment portfolio to these fast-moving assets,” Mahoney said.
Advertisement – Scroll to continue
Beyond Bitcoin,
ether
– the second largest cryptocurrency – rose 2% to $2,300. Micro tokens, or altcoins, have also gained ground
Cardano
And
ribbed
Each is up to 3%. Memecoins were higher, with
Dogecoin
1% rise and
Shiba Inu
Up to 3%.
Write to Jack Denton at jack.denton@barrons.com
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”