Bitcoin extended a rally fueled by expectations of fresh demand from exchange-traded funds, reaching the highest price since May last year.
The largest digital asset rose as much as 11.5% to top $35,000 and was trading at $34,450 as of 5:20 a.m. in London on Tuesday, taking its year-to-date rebound from 2022’s digital-asset rout to 108%.
The possible approval in coming weeks of the first US spot Bitcoin ETFs is stoking speculative ardor for the token. Asset managers BlackRock Inc. and Fidelity Investments are among those in the race to offer such products. Digital-asset bulls argue the ETFs would widen adoption of the cryptocurrency.
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