The price of bitcoin rose to start the week, extending gains from the previous week helped by optimism about a bitcoin ETF and a flight to safety.
Bitcoin was trading about 3% higher at $30,839.90, according to Coin Metrics, and is coming off its best week since June.
It has reached $30,000 at several points in 2023 but has struggled to make a sustained move higher, with the U.S. regulatory crackdown on crypto weighing on liquidity and trading volumes.
Investors are expecting the approval of a bitcoin ETF to change that between the end of the year and the first half of 2024.
Several firms have also amended their filings in the past couple weeks to address earlier concerns by the SEC, which investors are taking as a positive sign that the agency is engaging positively with the firms.
Organizations:
Metrics, SEC