The price of Bitcoin (BTC) is up 3% and approaching the key level of $30,000 U.S. as growing levels of uncertainty and fear grip equity markets around the world.
The entire cryptocurrency market continues to rally on continued hopes that a spot Bitcoin exchange-traded fund (ETF) will soon be approved in the U.S.
Over the past 24 hours, Bitcoin’s price has climbed near $29,600 U.S., reaching its highest level since early August of this year.
Analysts and investors see the approval of spot Bitcoin ETFs as a major catalyst for digital coins and tokens, one that could add more than $1 trillion of value to the crypto sector.
Expectations are that the U.S. Securities and Exchange Commission (SEC) will soon approve the Grayscale Bitcoin Trust to convert to an ETF or approve spot Bitcoin ETFs from investment firms such as BlackRock (BLK) and Fidelity, among others.
The rise in cryptocurrency prices also comes as stocks are under pressure from rising tensions in the Middle East and a shifting outlook for interest rates, both of which have been pushing bond yields up to their highest level in 16 years.
Ethereum (ETH), the second biggest cryptocurrency by market cap, has increased 2.80% in the last 24 hours to trade at $1,600 U.S.
Bitcoin’s price has now risen 79% year to date.
