Bitcoin crosses $35,000 for first time since May 2022

Cryptocurrency Bitcoin leapt as much as 16% to an 18-month high of $35,080.66 in early Asia hours on Tuesday, on speculation that the US could soon approve a Bitcoin exchange-traded fund. Bitcoin was last up 16% at $35,080.66, showed data on Binance. Smaller rival Ethereum was up nearly 9% at $1,830, thus breaking above its 200-day moving average. The prospect of a spot Bitcoin ETF is seen driving broader flows into the cryptocurrency, as it would allow a wider set of investors to buy exposure without directly trading it. The price of Bitcoin is officially up 107% this year alone, adding over $300 billion of market capitalisation.

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