Bitcoin surged by nearly 10% to $34,872, reaching its highest level in nearly a year-and-a-half, fueled by speculation of an exchange-traded bitcoin fund (ETF) approval. The recent 10% jump on Monday marked the cryptocurrency’s best day in almost a year, leading to increased bullishness across the wider crypto market. The approval of a bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) is expected to drive demand and attract new investors.
This optimism was further bolstered by the inclusion of BlackRock’s iShares ETF on the website of clearing house DTCC. Reports of the SEC’s decision not to appeal a court ruling against rejecting an ETF application from Grayscale Investments also contributed to the anticipation. Bitcoin futures data revealed significant short-covering in the past 24 hours.