The world’s largest cryptocurrency has surged by over $38,000 in just a few hours, reaching its highest level in 2023.
Starting at around $36,000 at the beginning of the month, Bitcoin quickly touched $38,000 yesterday evening. At one point, it reached $38,416. While maintaining this price for a few hours, Bitcoin then retraced to around $37,800. This threshold remains the highest price range for Bitcoin in over a year and a half.
Ethereum, the second-largest cryptocurrency, also saw an increase of over 3%, currently trading at nearly $2,090 per unit. Cryptocurrency-related stocks also experienced gains during the day, with Coinbase shares rising by 6%, Stronghold Digital Mining accumulating an additional 6.4%, and Marathon Digital Holdings increasing by 4%.
This upward movement comes as investors anticipate the approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Major investment banks are also showing increased interest in this sector. Swiss bank UBS is reportedly engaging with three major cryptocurrency ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, all authorized by the Securities and Futures Commission of Hong Kong. Earlier, HSBC also announced plans to initiate digital asset custody services for institutional clients.
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