Bitcoin back above $30,000 as hopes for new ETF drive prices

Bitcoin rose above $30,000 for the first time since August, with gains soaring to nearly 80 percent this year.

The cryptocurrency – which has soared in value since its inception – peaked at nearly $69,000 in November 2021, but changed hands for less than $16,000 late last year.

The latest rally to over $30,000 was driven by talks this week about creating an exchange-traded fund (ETF) based on current bitcoin prices in the US.

That means investors can get more ways to bet on the world’s best-known cryptocurrency.

US customers can get futures-backed bitcoin ETFs, which are contracts to later buy or sell an asset at a fixed price.

Earlier this year, Geoff Kendrick, head of foreign exchange research at Standard Chartered, predicted that the cryptocurrency could reach $100,000 by the end of 2024.

He said the introduction of spot ETFs for digital assets in core markets such as the US would be one of the most positive regulatory developments for bitcoin prices.