Bitcoin price at 1.5-year high
The price of the cryptocurrency Bitcoin has reached its highest level in the last 1.5 years, gaining more than 12 percent amid speculation that the first Bitcoin spot ETF in the US will be approved.
12punto
According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by approximately 8.8 percent within 24 hours, exceeding 1.27 trillion dollars. The price of Bitcoin, the largest cryptocurrency, recorded a 12.4 percent rise in the last 24 hours as speculation that the US Securities and Exchange Commission (SEC) would approve a Bitcoin spot ETF (exchange-traded fund) increased demand for the crypto sector.
Thus, Bitcoin, which climbed above 34 thousand dollars, is trading at 34 thousand 432 dollars as of 07:30 Turkish time. Bitcoin's price has risen for 6 consecutive days, reaching its highest level in the last 1.5 years. Meanwhile, while Bitcoin's value increase in the last 7 days is approaching 23 percent, its market value has exceeded 672 billion dollars.
Bitcoin, which was at its all-time high of 68 thousand 990 dollars in November 2021, has lost approximately 50 percent of its value since that date.
Meanwhile, it was noted that the shares of crypto-related companies such as Coinbase Global and Bitcoin investor MicroStrategy also rose sharply.
On the other hand, speculation still continues regarding the launch of the first Bitcoin spot ETF in the US.
Expectations for the first Bitcoin spot ETF in the country increased following reports that "the SEC will not appeal the court's decision that the rejection of Grayscale Investments' ETF application was wrong." Analysts see the introduction of a spot ETF for Bitcoin as an important step toward the further distribution and adoption of the digital currency.
The world's largest asset management company Blackrock, along with VanEck, WisdomTree (WT.N), Fidelity, Bitwise, and Invesco, had applied to the SEC for a Bitcoin spot ETF.
ETHEREUM REACHES 1820 DOLLAR LEVEL
Analysts also stated that recent geopolitical tensions have increased demand for scarce assets, including both physical gold and Bitcoin, which many investors view as digital gold.
On the other hand, Ethereum, which ranks second in terms of market value, also gained more than 7.54 percent in the last 24 hours, reaching the 1820 dollar level.