Bitcoin proponents have reason to be merry as the alpha coin has gracefully ascended to a promising valuation of nearly $38,000 as of late Wednesday, reclaiming its throne with the highest value seen in the last 12 months. Bitcoin bounced back strongly from its battering the day before, reaching within striking distance of a new 18-month high just shy of the vaunted price target. A drop in federal interest rates, the expectation that Sam Bankman-Fried’s apology for his actions at FTX is a fresh start for the distressed sector, and the SEC’s approval of a bitcoin exchange-traded fund (ETF) are some of the things that caused prices to rise. Related Reading: Celestia Strikes: How This Lesser-Known Coin Went Berserk With 126% Price Explosion ETFs are a type of investment product that tracks an index or a commodity. Bitcoin ETFs would allow investors to profit from bitcoin’s rising value without actually owning any bitcoin. ByteTree pointed out that Bitcoin was doing much better than standard assets like gold and U.S. stock indexes, which have also been g ..
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