Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
traded above $34,000, fueled by hopes that a spot-price exchange-traded fund for the largest cryptocurrency may finally be approved by the U.S. Securities and Exchange Commission .on its balance sheet – and crypto financial services firm Galaxy Digital all rose more than 14% on Tuesday at press time.
If one is approved, the asset managers will need to buy, own and store the digital assets for their clients, similar to a"Authorised participants will have to buy bitcoin if a spot ETF gets approved in order to create shares for an eventual ETF, which will result in significant flows to buy an increasingly illiquid supply of bitcoin," said CoinShares head of research James Butterfill.
However, he cautioned that given the volatile nature of the digital currency, the price could quickly move the other way if there is any negative news regarding the timeline of the approval.
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