Software engineer Mike Caldwell minted a stack of bitcoins at his store in Sandy, Utah.
George Frey | Getty Images
The price is bitcoin Touching a 13-month high on Thursday, investor optimism grew that a bitcoin ETF could soon be launched in the United States.
Bitcoin was last up more than 2 percent, trading at $31,209.18, according to Coin Metrics. It climbed to about $31,450 earlier in the morning, the highest level since June 2022.
That was in stark contrast Thursday, when both stock prices and the 10-year U.S. Treasury yield fell above 4% following a better-than-expected jobs report. Meanwhile, liquidity in cryptocurrencies has been low for several months and continues to exaggerate both upside and downside moves.
Still, traders’ sentiment is running high black stone CEO Larry Fink says his company plans to make investing in bitcoin easier and less expensive. Speaking on Fox Business News Wednesday, Fink called bitcoin “an international asset” and said it “is not based on any one currency, so it can represent an asset that people can use as a substitute.”
Bitcoin has been climbing steadily since June 15, when BlackRock filed to launch a spot bitcoin ETF. Since then, the number of tokens held by institutions through trusts, ETFs and funds has surged to the highest level in more than a year, according to CryptoQuant data, and Bitcoin holdings have returned to pre-FTX levels.
Grayscale CEO Michael Sonnenshein said: “Market participants have responded positively to the entry of traditional financial institutions into Bitcoin, a trend that further reinforces the effectiveness of what was once considered a fad asset.” bitcoin trust Approval to convert to an ETF is pending.
“More importantly, though, recent news of new bitcoin entrants has more broadly underscored the staying power of the asset class, which many investors see as a once-in-a-lifetime investment opportunity,” Sonnenshein added.