Bitcoin (BTC) reached an impressive 18-month high, injecting a fresh wave of optimism into the cryptocurrency community. This surge in Bitcoin’s price has led many to believe that it could potentially reach even greater heights in the coming year.
Despite this recent price surge, Bitcoin is currently experiencing some volatility, with its price swinging between $34,546 and $35,892.
Over the past 24 hours, it has seen a modest 1% increase, and trading volume has spiked significantly, up by 42%. Notably, Bitcoin has demonstrated an impressive 27% increase in value over the last 30 days.
Adding to the excitement in the crypto space is the growing anticipation of a Bitcoin Exchange-Traded Fund (ETF), which would allow investors to track the price of Bitcoin through a traditional investment vehicle.
Recent reports about Hong Kong’s interest in ETFs have further fueled this anticipation. Hong Kong is actively positioning itself as the primary digital asset hub in the Asia-Pacific region, and it’s considering allowing retail investors to access cryptocurrency-related ETFs.
In response to this news, BitMEX co-founder Arthur Hayes shared his enthusiasm, emphasizing that competition between the U.S. and China in the ETF space would ultimately benefit Bitcoin.
He highlighted the need for China to establish its “proxy asset manager” to launch an ETF, similar to the U.S.’s BlackRock.