Bitcoin Hits 17-Month High, ETF Optimism Boosts Surge

Bitcoin surged to a 17-month high, reaching $35,000, as speculation grows that the US Securities and Exchange Commission (SEC) will approve stock market funds investing directly in the cryptocurrency. The rise in price has allowed bitcoin to recover all the losses it incurred during last year's crash. Wall Street giants like BlackRock and Franklin Templeton have joined other companies in submitting filings with the SEC for spot bitcoin ETFs, which could validate bitcoin as an established asset class. Traders are positioning themselves for a potential jump in bitcoin price if an ETF is approved, and investors have recently put $179 million into digital asset funds, likely linked to excitement over a spot bitcoin ETF. The SEC is expected to make its first rulings on the ETF filings in early 2022.