It was exciting enough for crypto observers when bitcoin (BTC) topped $31,000 on Monday.
And then its price went straight up. Late in the day, bitcoin took out $32,000, then $33,000, then $34,000 and finally $35,000 in just a few minutes. Perpetual contracts listed on Binance’s exchange almost topped $36,000.
The original cryptocurrency was back at levels last seen in May 2022, before the Terra-Luna, Three Arrows Capital, Genesis and FTX debacles turned the mood so sour that BTC approached $15,000 and the very survival of the industry was, to some, called into question.
But the mood has improved markedly, fueled largely by prospects that bitcoin ETFs – which promoters say will make it dramatically easier to buy BTC, potentially hugely broadening the pool of potential investors – are on the way.
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