Bitcoin at a new yearly high – new hopes for the launch of an ETF

New hopes are emerging among investors that the potential approval of a cryptocurrency exchange-traded fund (ETF) in the US could push the asset class to new heights. Overnight, Bitcoin sometimes traded above $35,000, thus at prices last achieved in May 2022. On Tuesday morning, the “crypto reserve currency” was still trading at $34,050, meaning it was up 11%. In the last 24 hours alone. The increase over the past seven days is about 20 percent. The value has almost doubled since the beginning of the year.

Hopes for the European Training Foundation

Circulating rumors about the imminent approval of a cryptocurrency-based ETF have given new impetus. Such approval in the United States is seen as a major hurdle to Bitcoin becoming an asset class that could also attract institutional investors. So far, only Bitcoin ETFs based on Bitcoin futures are allowed to trade in the USA.

In this context, the potential for disappointment is also increasing, warns analyst Timo Emden. The eventual launch of a Bitcoin ETF in the USA would be a “knighthood with serious consequences.”