Bitcoin Surges to 19-Month High Above $42K on ETF Hopes and Regulatory Relief
• Bitcoin hit a 19-month high of over $42,000, shrugging off declines in global markets and showing low correlation with other assets • Expectations that the US will approve Bitcoin spot ETFs is a key driver, potentially widening demand • Crypto executives believe the worst of the US regulatory crackdown may be over after recent high-profile cases • Technical indicators like the RSI suggest Bitcoin's rally may be overstretched in the short term • Investors are encouraged by bets on Fed interest rate cuts in 2023 and strong crypto trading volumes recently