{"id":59442,"date":"2023-10-24T13:46:35","date_gmt":"2023-10-24T05:46:35","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=59442"},"modified":"2023-10-24T16:05:49","modified_gmt":"2023-10-24T08:05:49","slug":"bitcoin-value-soars","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/bitcoin-value-soars","title":{"rendered":"Bitcoin Hits A 17-Month High, Breaks US$34,000 Level"},"content":{"rendered":"

Despite the rocky road cryptocurrency has found itself in, Bitcoin has managed to soar above most competition, increasing in value by about 10 percent recently, hitting a 17-month high. <\/span><\/p>\n

As a result, crypto-linked stocks followed it higher as speculation abounded regarding the possibility of a Bitcoin exchange-traded fund (ETF) stoked expectations about the sector and prompted short-sellers bail out.<\/span><\/p>\n

<\/span>Bitcoin crosses US$34,000 level<\/span><\/h2>\n

The world\u2019s biggest cryptocurrency at $32,833 seems likely to retain its crown as it was seen recently trading as high as $34,283. Crypto-related shares such as exchange Coinbase Global (COIN.O), miner Marathon Digital (MARA.O) bitcoin holder MicroStrategy (MSTR.O) also saw a significant rise and were making further gains in after-hours U.S. trade.<\/span><\/p>\n

According to reporting by Reuters<\/a>, Bitcoin\u2019s smaller rival, Ether, also surged by about 6 percent, hitting a two-month high and breaking above its 200-day moving average.<\/span><\/p>\n

<\/span>Market abuzz with talk of Bitcoin-related ETF<\/span><\/h2>\n

There has been much anticipation recently of a Bitcoin ETF (exchange traded fund) due to reports this month that the U.S. Securities and Exchange Commission won’t appeal a ruling it was wrong to reject an application from Grayscale Investments.<\/span><\/p>\n

As such, the potential of a spot Bitcoin ETF is seen as a driver for larger flows into the cryptocurrency, as it would allow a wider set of investors to buy exposure without directly trading it.<\/span><\/p>\n

“The market is doing its best to front-run the approval of a physical BTC ETF, with consensus being that it will happen some time in the next three months, if not sooner,” said Matthew Dibb, CIO at crypto asset manager Astronaut Capital.<\/span><\/p>\n

As reported by Reuters, BlackRock (BLK.N), VanEck, WisdomTree (WT.N), Fidelity, Bitwise and Invesco (IVZ.N) all have pending Bitcoin ETF applications. Blackrock’s iShares ETF is on a list of ETFs on the website of clearing house DTCC, driving the most recent round of speculation that its approval is imminent.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This growth is likely being driven by market speculation around ETF optimism.<\/p>\n","protected":false},"author":58,"featured_media":59443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[900,216],"tags":[630,1671,820,635,1670,982],"class_list":["post-59442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","category-news-updates","tag-bitcoin","tag-coinbase","tag-crypto","tag-cryptocurrency","tag-ether","tag-news"],"acf":[],"yoast_head":"\nBitcoin Value Soars To A 17-Month High<\/title>\n<meta name=\"description\" content=\"The cryptocurrency market has been rocky for some time now. 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