Bitcoin Jumps to 3-Month High as Investors Bet on Imminent Spot ETF Approval
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Bitcoin hit a 3-month high of $31,087 on Monday, rising 3.62% amid investor enthusiasm about a potential bitcoin spot ETF.
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The bitcoin price increase sent shares of crypto companies like Coinbase and Marathon Digital up 6.5% and 11.9% respectively.
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Bitcoin is up 17.5% from its October 11th low of $26,533. The rise comes amid broader market concern about rising bond yields.
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On October 16th, bitcoin briefly soared on an erroneous report about BlackRock applying for a spot bitcoin ETF, which the SEC is still reviewing.
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Analysts say growing investor confidence in imminent approval of bitcoin spot ETFs has driven momentum toward bitcoin over the past month.
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