Crypto Report | Bing

Bing -- World News Trust

Oct. 29, 2023

Bitcoin, the world's largest cryptocurrency, soared to almost $35,000 this week, marking its highest point in nearly 18 months.

This surge is attributed to the excitement over the possibility of bitcoin exchange-traded funds (ETFs) being launched. Industry advocates believe that bitcoin spot ETFs could make it easier for anyone to enter the cryptoverse while lowering some of the well-documented risks associated with investing in cryptocurrencies.

The District of Columbia Court of Appeals recently ordered the Securities and Exchange Commission to reconsider the ETF for Grayscale's bitcoin fund, after the company sued the regulator last year for rejecting its application over concerns about investor protections and other issues. The SEC did not appeal the decision.

Edward Moya, a senior market analyst at Oanda, also points to the listing of BlackRock’s iShares Bitcoin Trust by the Depository Trust and Clearing Corporation, which clears market trades, gaining attention online Monday. That may have contributed to this week's Bitcoin surge.

However, regulatory and legislative concerns are still clouding this market, and investors may be getting out in front of their skis.