Bitcoin Hits $35K, Reaching Highest Level In Over A Year

Key Points:

• Bitcoin reached a 1-year high, hitting $35,305.98 on the back of growing ETF optimism.
• Positive developments, including a court ruling and BlackRock’s ETF application, boosted confidence in the market.

Bitcoin hits $35K on optimism for a potential ETF. Other digital assets like Wrapped Bitcoin (WBTC), Polkadot (DOT), and Polygon (MATIC) saw significant gains (6-15%), along with Ether (ETH) and Ripple-related token (XRP) at 6-9%.

Bitcoin prices reached their highest level in over a year in on Tuesday, driven by investor excitement surrounding the possibility of an exchange-traded fund (ETF) based on the cryptocurrency. The market capitalization of the world’s largest cryptocurrency peaked at $35,305.98, the highest since May 2022 when the collapse of tokens Luna and TerraUSD triggered a global sell-off of digital assets.

Bitcoin Hits $35K Amid ETF optimism

Recently, there has been a wave of optimism regarding the potential approval of bitcoin ETFs in the U.S. A court ruling in favor of Grayscale increased the chances that Grayscale’s GBTC product, the largest bitcoin trust, could be converted into an ETF.

Additionally, BlackRock’s application to list a bitcoin ETF took a positive step forward when its proposed product appeared on the Depository Trust & Clearing Corp. website with a unique ID number. Although this does not guarantee approval, it was seen by some as a sign of confidence from the company.

Bitcoin later trimmed its gains but still recorded an increase of 13.78% over the past 24 hours, reaching $34,599.02. Wrapped Bitcoin (WBTC), Polkadot’s native token (DOT), and Polygon’s (MATIC) were among the top-performing large-cap digital assets, with gains of 6% to 15%. Ether (ETH) and Ripple-related token (XRP) saw also gains of 6% to 9%.

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