Bitcoin
and other cryptocurrencies rose on Monday, advancing into the second half of 2023 after a historically strong first six months of the year. Crypto traders are brushing off worries around the approval of Bitcoin exchange-traded funds in the U.S.
The price of Bitcoin climbed 0.5% over the past 24 hours to above $30,650, remaining above the psychologically important $30,000 level but shy of the largest digital asset’s recent peak—and one-year high—near $31,500.
“The focus has been on a Bitcoin ETF approval in the U.S., but it is unclear how long it will take to get that update, with end of summer being most likely,” said Edward Moya, an analyst at broker Oanda. “Bitcoin trades around the $31,000 level, but a fresh catalyst is needed to spark bullish momentum above the $34,000 level.”
Indeed, the recent focus for digital asset investors has been applications by
BlackRock
(ticker: BLK) and other mainstream financial giants for spot Bitcoin exchange-traded funds (ETFs). If approved, these funds would likely usher in a new wave of retail interest in crypto and also herald significant participation in digital assets by some of the biggest names in finance.
Bitcoin, which rose more than 80% in the first half of 2023, made its latest leg higher on the back of ETF optimism. But some of that hope came undone last Friday after a report from The Wall Street Journal that the Securities and Exchange Commission has told exchanges that the applications are inadequate. Cryptos initially traded lower, but Bitcoin investors now appear to have shaken off the report.
Beyond Bitcoin,
Ether
—the second-largest crypto—rose 2.5% to above $1,950. Smaller cryptos or altcoins were also higher, with both
Cardano
and
Polygon
up near 3%. Memecoins were more muted, with
Dogecoin
and
Shiba Inu
climbing 1% each.
Write to Jack Denton at jack.denton@barrons.com
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