CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
Seeking Alpha 2023-10-24 10:11:01

Bitcoin tops $34,000 on ETF optimism

Bitcoin ( BTC-USD ) hit its highest level since May last year, crossing the $34,000 mark on Tuesday. According to data compiled by Coin Metrics, the world's largest cryptocurrency was trading 4.97% higher at $34,596.40 on Tuesday. The surge was driven by optimism around the possibility of a bitcoin exchange-traded fund. The optimism stemmed from a favorable ruling by the U.S. Court of Appeals for the D.C. Circuit, which sided with crypto asset management firm Grayscale in its bid to turn its Grayscale Bitcoin Trust (GBTC) bitcoin fund into an ETF. In June 2022, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission after the agency rejected its application to convert GBTC into an ETF. Last week, the SEC declined to appeal that ruling. The surge in bitcoin ( BTC-USD ) price is driving pre-market rallies for the following cryptocurrency-focused stocks: Coinbase ( COIN ) rose +8% , Hut 8 Mining ( HUT ) +11% , MicroStrategy ( MSTR ) +9% , Riot Platforms ( RIOT ) +13% , CleanSpark ( CLSK ) +13% , Marathon Digital ( MARA ) grew +14% , Bitfarms ( BITF ) +9% , and Bit Digital ( BTBT ) +8% . More on Bitcoin USD Bitcoin At A Major Breakout Point (Technical Analysis) Bitcoin: All Eyes On The SEC The Inherent Problems Of A Bitcoin ETF Why did MicroStrategy stock jump today? Bitcoin bet turns profitable Marathon Digital, other crypto-linked stocks rise as bitcoin rally gathers pace

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.