Bitcoin advanced to a fresh high after several giants of traditional finance sought permission to launch spot exchange-traded funds on the token in the US, fueling optimism about digital assets gaining more mass-market appeal.
The largest cryptocurrency rose as much as 3.4% to $31,504 on Thursday, the highest level since June 8 last year. Bitcoin has surged 90% this year, with gains in the past few weeks spurred by renewed speculation that an ETF that invests directly in the cryptoasset will eventually be approved in the US.
Thursday’s advance was broad, with other major tokens like Ether rising even as equity markets slumped around the world. Bitcoin is now back at levels last seen before the collapse of crypto hedge fund Three Arrows Capital rocked markets and touched off a daisy chain of defaults.