Bitcoin has seen a significant surge of 17% to $33,922, demonstrating a strong rebound in the cryptocurrency market following a turbulent period in May 2022. The period was marked by crises including stablecoin devaluation, a hedge fund collapse, and the downfall of the FTX exchange. Accompanying Bitcoin‘s rise, companies such as Coinbase (NASDAQ:COIN) Global and MicroStrategy also experienced increases of 9% and 12% respectively.
The surge in Bitcoin’s value is linked to optimism surrounding Bitcoin-based Exchange Traded Funds (ETFs). Notably, BlackRock (NYSE:BLK)’s iShares Bitcoin Trust has been listed by the Depository Trust and Clearing Corporation. This optimism is seen as a positive step towards more robust regulatory frameworks for cryptocurrencies.
