Crypto comeback: Bitcoin cruises past US$30,000 barrier thanks to possible ETF approval

After a relatively long and painful dry spell for many crypto investors around the world, there are finally some good news after the massive sell-off on the crypto market seems to have bottomed out in late 2022. Halfway through 2023, a notable uptrend has helped Bitcoin and other digital currencies to hit their highest prices in over a year, which is a development that was also caused by a pending Bitcoin ETF approval in the US.

The New York City-based investment company BlackRock, which manages assets that are worth more than US$8.5 trillion, has reportedly applied for the approval of a brand-new Bitcoin ETF. Furthermore, other traditional financial service providers have followed suit by showing renewed interest in these alternative investments with the debut of a new crypto exchange. The corresponding reports have triggered a noteworthy rally that has pushed the Bitcoin price above the US$30,000 mark for the very first time on over twelve months as the world’s largest digital currency surged by more than 18 percent over the past seven days.

In addition to a possible Bitcoin ETF launch in the United States, crypto investors on the other side of the Atlantic received some exciting news as well, as a representative of Germany’s largest financial institute revealed that the bank has officially applied to become a custodian for digital assets. Deutsche Bank already considered such a move back in 2021, but due to the well-documented turmoil revolving around digital currencies, these plans have apparently been delayed. Last but not least, it should be noted that the conventional stock market has also seen a remarkable uptrend over the past few weeks, and it remains to be seen if Bitcoin and other coins and tokens will be able re-establish themselves as a viable and trustworthy alternative to regular investments like stocks, index funds and ETFs.

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Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.