According to crypto platform CoinDesk, Bitcoin has topped the $34,000 mark for the first time since May 2022. The cryptocurrency reversed early losses, jumping by almost 10% in a week to settle at $30,000 in late October.
Since the start of 2023, the leading digital asset has gained an impressive 80% after losing nearly two-thirds in 2022. In 2021, experts predicted that high demand could push BTC to a dizzying $200,000 per coin.
This year, the value of Bitcoin has added 12%, briefly surpassing $35,000. The first cryptocurrency saw remarkable gains after the news about Grayscale’s court victory in the case stemming from the SEC's denial of its application to list a spot Bitcoin ETF.
On Binance, the world’s largest cryptocurrency exchange, BTC rose to $34,447, marking a staggering 12.46% increase in 24 hours. Notably, the virtual currency breached the $35,000 mark for the first time since May 2022, reaching a peak of $35,280.
According to Bloomberg, a US federal appeals court formalized a victory for Grayscale in its effort to create an exchange-traded fund based on Bitcoin. In so doing, the agency overturned the SEC's rejection of the asset management firm's bid to convert its trust into an ETF.
The court held that the SEC's decision was "arbitrary" as the regulator failed to defend its viewpoint and explain why similar products were treated differently. Despite some uncertainty, the Bitcoin ETF approval "looks imminent," Bloomberg analysts noted.