Bitcoin’s value surged to $41,943 early on a Monday, marking its highest level in 19 months and nearing the $42,000 mark. This significant increase, over 6.1% in the past 24 hours, reflects a broader upward trend in the cryptocurrency’s value, which has soared more than 150% since the year’s start. Ethereum, the second-largest crypto asset, also experienced a notable rise, exceeding $2,200 for the first time in over a year.
This surge in Bitcoin’s value is largely attributed to the anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF). Such an ETF would open up Bitcoin investment to a wider range of traditional stock market investors, simplifying the process for those who prefer not to engage directly with cryptocurrency exchanges or set up a digital wallet.
The approval of a Bitcoin ETF is expected to significantly broaden the investor base for Bitcoin, offering a more accessible investment option for those interested in cryptocurrency but hesitant about the direct investment’s complexities and risks.