Bitcoin and other cryptocurrencies surged Monday, moving into the second half of 2023 after a historically strong first six months of the year. Crypto traders brush off worries about US allowing Bitcoin exchange-traded funds
Bitcoin’s price climbed 0.5% to above $30,650 in the last 24 hours, staying above the psychologically important $30,000 mark but below the recent peak – and one-year high – of the largest digital asset at $31,500 U.S. dollar.
“The…
Bitcoin and other cryptocurrencies surged Monday, moving into the second half of 2023 after a historically strong first six months of the year. Crypto traders brush off worries about US allowing Bitcoin exchange-traded funds
Bitcoin’s price climbed 0.5% to above $30,650 in the last 24 hours, staying above the psychologically important $30,000 mark but below the recent peak – and one-year high – of the largest digital asset at $31,500 U.S. dollar.
“The focus has been on a Bitcoin ETF approval in the US, but it is unclear how long it will take to get this update, with the end of summer being the most likely,” said Edward Moya, an analyst at broker Oanda. “Bitcoin is trading around $31,000 but it needs a new catalyst to spark bullish momentum above $34,000.”
In fact, the focus of digital asset investors lately has been applications from BlackRock (ticker: BLK) and other mainstream financial giants for spot bitcoin exchange-traded funds (ETFs). If approved, these funds would likely spark a new wave of private interest in cryptocurrencies, as well as heralding significant ownership of digital assets by some of the biggest names in finance.
Bitcoin, which is up more than 80% in the first half of 2023, has seen its latest surge on ETF optimism. However, some of that hope was dashed last Friday after the Wall Street Journal reported that the Securities and Exchange Commission had told exchanges that the filings were insufficient. Cryptos initially traded lower, but Bitcoin investors now appear to have shrugged off the report.
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Alongside bitcoin, ether — the second largest cryptocurrency — rose 2.5% to above $1,950. Smaller cryptos or altcoins also gained, with both Cardano and Polygon up nearly 3%. Memecoins were more muted, with Dogecoin and Shiba Inu each up 1%.
Write to Jack Denton at [email protected]