Bitcoin hit a 17-month high on Tuesday, recouping the losses it sustained in last year’s crash, on rising speculation that US regulators will approve stock market funds that invest directly in the cryptocurrency.
The price of the digital currency leapt more than 10 per cent in the past 24 hours to $35,000 a token as traders grew increasingly confident the Securities and Exchange Commission would approve an exchange-traded fund in coming months.
Its sharp rise meant that bitcoin, the oldest and most actively traded token, has pulled back all the losses it made in the wake of the failure of the Terra stablecoin last May.
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