On Thursday, Bitcoin and crypto stocks saw a rebound after a report by Fox Business stated that federal regulators were considering approving spot bitcoin ETFs as early as Friday, ahead of the expected deadline of January 10.
The bitcoin price, which had previously fallen by 4.7% on Wednesday, increased by over 2% on Thursday to reach $43,891. This comes after bitcoin surpassed $45,000 on Tuesday, reaching its highest level since April 2022.
In 2023, bitcoin experienced a surge of 158%, trading at 20-month highs of around $43,000 at the end of the year, up from $27,000 at the end of September.
During market action, cryptocurrency exchange Coinbase (COIN) saw a 3.7% increase, while bitcoin miner Marathon Digital (MARA) surged by 5.7% on Thursday. However, COIN stock has dropped by 12.5% this week, and MARA stock had previously seen a 16.4% decline on December 29. On Wednesday, crypto stocks saw a general decline during regular trading.
Unnamed sources cited by Fox Business on Wednesday stated that the Securities and Exchange Commission may approve spot bitcoin ETFs on Friday, with trading to begin next week. This is expected to make it easier for institutional investors to participate in the crypto market and offer exposure to their clients.
ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust (GBTC) both saw a rise of 3% on Thursday. BITO, launched in October 2021, is the first U.S. bitcoin-linked ETF and currently has the largest assets under management, according to Bloomberg data from September 30. However, BITO invests in bitcoin futures contracts and does not directly expose investors to the cryptocurrency.
Among other crypto-related stocks, Riot Platforms (RIOT) saw a 5% increase, while Robinhood Markets (HOOD) and MicroStrategy (MSTR) gained 1.7% and 3.6%, respectively.
For more coverage, follow Kit Norton on X (formerly known as Twitter) at @KitNorton.
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