Bitcoin rallies to its highest level since May 2022, dragging crypto-linked stocks (BTC-USD) higher
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Bitcoin (BTC-USD) jumped to an 18-month high in Thursday morning trading as optimism continued to grow over approval for U.S. stock exchange funds to invest directly in the best-known cryptocurrency.
The largest token by market cap (BTC-USD) increased 6.9% at 9:51 a.m. ET to $37.7k – a level not seen since the Terra ecosystem collapse in May 2022. ether (ETH-USD) advanced 3.1% to $1,95,000.
Other major digital tokens also received a bid, including: Solana (SOL-USD) +12.8%Cardano (ADA-USD) +7.3%Dogecoin (DOGE-USD) +4.1% and Chainlink (LINK-USD) +13.4%.
The gains in the crypto market come as investors are increasingly confident that the Securities and Exchange Commission will soon approve the first-ever spot Bitcoin ETF (BTC-USD) in the US
Bitcoin’s (BTC-USD) year-to-date rise is now over 126%, supported by a number of other narratives such as the token acting as an inflation hedge and benefiting from the regional banking crisis in March.
Crypto-related stocks have also gained: MicroStrategy (MSTR) +10%Coinbase (COIN) +9%Riot Platforms (RIOT) +15.8%Marathon Digital (MARA) +21.6% and CLeanSpark (CLSK) +12.2%.
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