Bitcoin, the world’s leading cryptocurrency, is making headlines once again as it surged past the $35,000 mark. This exciting price movement is generating significant buzz, and there are a few key reasons behind it.
As of Tuesday morning in Asia, Bitcoin was trading at $34,883, experiencing an impressive 14.8% surge over the past 24 hours and reaching a high of $35,066, a level it hasn’t seen since May 2022.
This uptrend has contributed to Bitcoin’s weekly gain of 22.8%, delighting crypto enthusiasts and investors alike.
The primary driver of this recent Bitcoin rally is the growing anticipation surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs).
These ETFs have been long-awaited by the crypto community and the broader financial industry, as they are seen as a way to introduce Bitcoin to a wider range of investors.
If approved, Bitcoin ETFs could make it easier for traditional investors to access and invest in Bitcoin, thus boosting its adoption and value.
Lucy Hu, a senior trader at Metalpha, a digital asset wealth management firm based in Hong Kong, highlighted this aspect of the Bitcoin price surge.
According to her, the quick increase in Bitcoin’s price is directly linked to the heightened anticipation of Bitcoin ETFs, which have been a topic of discussion and speculation for a while.
Another factor contributing to the bullish momentum in the cryptocurrency market could be the ongoing geopolitical tensions in the Middle East.
Bitcoin is increasingly seen as a valuable asset for institutional investors to diversify their portfolios and hedge against such global uncertainties.
As a digital store of value, Bitcoin has earned its place as a potential safe haven during times of conflict and financial turbulence.
