Bitcoin worth 35,000 euros again: already up more than 100 percent this year | News

The price of bitcoin is now around $34,500, an increase of 10 percent. Earlier in the morning, the cryptocurrency even reached $35,000 for the first time since 2022. Since the beginning of this year, the value of bitcoin has risen more than 100 percent.

The possible approval in the coming weeks of the first so-called spot Bitcoin ETF, a special investment fund focused on bitcoins, is fueling speculative demand for the currency. Major asset managers BlackRock and Fidelity Investments are among those in the race to offer such products. It is now hoped that the US regulator SEC will approve these investment products. According to BlackRock CEO Larry Fink, these products will make it easier and cheaper for investors to invest in the digital currency.

The SEC has so far resisted allowing ETFs that invest directly in bitcoin, with the watchdog citing risks such as fraud and price manipulation. Bitcoin shot up 10 percent at the beginning of last week due to optimism about the Bitcoin ETF. That price jump was caused by an incorrect report that BlackRock had received approval for its ETF. However, the price quickly fell again after it turned out that the message was incorrect.

The price of the bitcoin is still considerably lower than the record level of approximately $ 69,000 that was reached in November 2021. The price movements of digital currencies are often very erratic. The crypto market is also regularly shaken by unrest and scandals, such as the collapse of the major trading platform FTX last year.

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