If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

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