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A pile of bitcoins is shown here after software engineer Mike Caldwell minted them at his shop in Sandy, Utah.
George Fry | Getty Images
price bitcoin It touched a 13-month high on Thursday as optimism grew among investors that the United States may soon acquire a bitcoin ETF.
Bitcoin was more than 2% higher and was trading at $31,209.18, as measured by Coin Metrics. Earlier in the morning, it climbed to around $31,450, reaching its highest level since June 2022.
The move was in contrast to weakness in stock prices and yields on the 10-year US Treasury note were above 4% on Thursday after better-than-expected employment reports. Meanwhile, cryptocurrency liquidity has been low for several months, and continues to exaggerate upward and downward moves.
“The price remains heavy,” said Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter. “Often over the past few weeks we have seen selling resistance at around $31,000. That will eventually be broken, but in the meantime it looks like traditional markets are getting into more of a risk-on mood — we can’t yet assume that Bitcoin will ignore that. . “
However, the general sentiment among the traders was high after that Black stone CEO Larry Fink has given Bitcoin perhaps its biggest endorsement ever from a major institutional player. Speaking on Fox Business News Wednesday, Fink called Bitcoin an “international asset” and said it “is not dependent on any one currency, so it can represent an asset that people can play with as an alternative.”
Bitcoin has risen steadily since June 15, when BlackRock, the world’s largest asset manager, stepped in to launch a Bitcoin spot ETF. The number of coins held by institutions through trusts, ETFs and funds has since surged, reaching its highest level in over a year, according to CryptoQuant, and open interest in Bitcoin has returned to pre-FTX levels.
“Market participants are reacting positively to the entry of legacy financial institutions into bitcoin — a trend that lends further validity to an asset that was once thought of as a passing fad,” said Grayscale CEO Michael Sonnenstein. Bitcoin trust Waiting for the green light to convert to an ETF.
“Importantly, recent news of new entrants into bitcoin underscores the staying power of this asset class more broadly, and many investors see this as a once-in-a-generation investment opportunity,” added Sonnenshine.
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