Buy on rumours: Bitcoin's new surge

Dear clients, Cryptocurrencies continued to rise in Asian trading on Tuesday, with bitcoin rising to nearly an 18-month high amid speculation about the imminent creation of an exchange-traded bitcoin fund. The bitcoin exchange rate rose more than 6% to $35,198, its highest since May 2022. It rose 10% on Monday, its best performance in almost a year, and doubled its price in 2023. Cryptocurrency-related stocks such as Coinbase Global (COIN.O) rose in over-the-counter trading. An exchange-traded fund (ETF) that holds bitcoin on behalf of fund investors is seen as a demand driver, as it will allow those who don't want to trade in cryptocurrency markets to purchase bitcoin through the stock market. Investment giant BlackRock is among several companies that have applied to set up bitcoin funds in the US, and speculation over their possible approval has been fuelled by the listing of BlackRock's iShares ETF on the DTCC clearing house website. Expectations also rose after it was revealed this month that the U.S. Securities and Exchange Commission will not appeal a court ruling that improperly rejected an ETF application from Grayscale Investments. When and why the iShares ETF was added to the DTCC list was not specified. Last week, BlackRock denied an erroneous report that its ETF had been approved, and sources close to the SEC confirmed that the application was still under review.Источник: https://freshforex.com/analitics/trading-news/trading-news_36988.html