The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global and Marathon Digital Holdings up 6.5 per cent and 11.9 per cent respectively. Bitcoin is up 17.5 per cent from the year’s low of $26,533 on October 11.
Bitcoin, the world’s largest cryptocurrency, hit a three-month high on Monday, rising 3.62 per cent to $31,087 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund.
The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global and Marathon Digital Holdings up 6.5 per cent and 11.9 per cent respectively. Bitcoin is up 17.5 per cent from the year’s low of $26,533 on October 11.
The move also comes as concern ripples through the broader markets about the risk of Israel’s war with the Islamist group Hamas becoming a wider regional conflict.
On Monday, the yield on 10-year US Treasuries reached as high as 5.021 per cent, the latest stage of a relentless sell-off in government bond markets.
Bitcoin briefly soared on October 16 following an erroneous news report about asset manager BlackRock’s high-profile application for a spot bitcoin ETF, which would track the underlying price of the token. The US Securities and Exchange Commission is still reviewing the proposal, and is expected to deliver a decision by next year at the latest.