ETH - Cryptocurrency Rally: Bitcoin and More Soar on New Hopes for ETF
2023-10-23 15:52:00 ET
The weekend brought another rally to the cryptocurrency market as investors speculated that a Bitcoin (CRYPTO: BTC) exchange-traded fund ( ETF) could be imminent . And if one ETF is approved, there could be a flood of investors moving into the market.
Values are rising across the crypto industry, but the big names are advancing more than normal today. Bitcoin is up 5.6% from the market's close on Friday, Ethereum (CRYPTO: ETH) has gained 4.9%, Solana (CRYPTO: SOL) has gained 9.8%, and Dogecoin (CRYPTO: DOGE) has advanced 6.7%.
No Bitcoin ETF has been approved yet, but investors are positioning themselves for when that day comes. The theory is that an ETF will bring in new investors to crypto, including institutional investors who may not want to take on the custody risk of crypto but are interested in owning the assets.
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Cryptocurrency Rally: Bitcoin and More Soar on New Hopes for ETF