Bitcoin’s value experienced a significant boost, soaring to levels unseen in over 12 months. The surge in its price can be attributed to rising optimism surrounding the possible introduction of an exchange-traded fund (ETF) rooted in cryptocurrency.
The most dominant digital currency, when evaluated based on market valuation, hit an impressive milestone of $34,332.67. This peak is the most noteworthy since the tumultuous events of May & June 2022. During that time, the cryptocurrency landscape was rocked by the unforeseen devaluation of tokens such as luna and terraUSD, and further devastating collapse and/or bankruptcy proceedings of crypto institutions like FTX, Celcius, BlockFi 3AC resulting in a widespread downturn in the digital currency arena.
Further propelling the enthusiasm in the crypto domain were recent media speculations. These hinted that the US Securities and Exchange Commission (SEC) might potentially refrain from contesting a verdict that backed Grayscale Investments. The investment entity had earlier faced a setback when its proposal to introduce a bitcoin ETF was turned down.
However, the soaring trajectory of Bitcoin experienced a slight moderation. As of the latest data, it recorded a growth of 12.03% over a span of one day, stabilizing around the mark of $34,321.04.
