Bitcoin soars: a stellar 35% surge marks 2023's bullish crypto comeback

Digital currency soars over 5%, hitting a 2+ year peak due to increased basket fund demand and MicroStrategy's investment, boosting its Bitcoin portfolio to $10B; Ethereum also jumps, reaching $3,284
Shir Reiter, Calcalist|
For the first time since the close of 2021, Bitcoin has hit the $57,400 mark today, bolstered by the growing interest of investors in funds traded on Wall Street and further acquisitions made by MicroStrategy. This widely-used digital currency has witnessed a more than 5% surge today, and has seen a remarkable 35% increase since the beginning of the year, following the U.S. Securities and Exchange Commission's (SEC) much-anticipated approval to introduce a Bitcoin Exchange-Traded Fund (ETF).
<< Follow Ynetnews on Facebook | Twitter | Instagram | TikTok >>
Read more:
In light of predictions that the SEC will greenlight Wall Street funds for the digital currency ranked second in value, Ethereum, it has experienced a 3% upswing to $3,284. An ETF aims to provide a "safer" and more robust entry point to the fluctuating digital asset, and is a much simpler alternative – eliminating the need for a digital wallet. Therefore, it is feasible for an ETF, which mirrors Bitcoin directly, to be purchased on Wall Street, similar to a fund that trails the S&P 500 index.
1 View gallery
(Photo: Reuters)
Since the commencement of ETF trading on January 11, it has attracted an investment of $6.1 billion - a substantial sum indicating the broadening demand for the currency, extending beyond the sector of digital asset enthusiasts who have hitherto invested in it.
MicroStrategy, an enterprise software firm that incorporates Bitcoin purchases in its business strategy, announced yesterday that it has bought an additional 3,000 Bitcoin units this month, amounting to $155.4 million. The company's current Bitcoin holdings are valued at approximately $10 billion.
The commenter agrees to the privacy policy of Ynet News and agrees not to submit comments that violate the terms of use, including incitement, libel and expressions that exceed the accepted norms of freedom of speech.