The price of Bitcoin has risen over 50% since November, breaching $42,000 on Monday for the first time since April 2022. Driving Bitcoin’s resurgence is speculation around the possible approval of a Bitcoin exchange-traded fund (ETF) in the US. The SEC recently met with Grayscale about converting their Bitcoin Trust into an ETF. If approved, a Bitcoin ETF would allow mainstream investors easier exposure to Bitcoin prices without direct cryptocurrency ownership.
Bitcoin’s jump came alongside new all-time highs for gold, which peaked above $2,100/oz, as investors flock to safe haven assets amid global uncertainty. While Bitcoin has rebounded from its 2022 lows, crypto remains volatile after last year’s FTX implosion and founder Sam Bankman-Fried’s fraud conviction. Still, interest in cryptocurrency exposure through conventional means could drive further Bitcoin price rises.
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