The price of bitcoin is now trading around the $34,000 level as it hit today's summit near 35200 levels before settling around $34,000 to hit its highest level since May last year.
Cryptocurrency rates continued to rise amid reports that the U.S. Securities and Exchange Commission (SEC) may allow Grayscale Bitcoin Trust (GBTC) of Grayscale Investments to be converted into an exchange-traded fund (ETT).
As the ETF's outlook grew after the court sided with Grayscale over the U.S. Securities and Exchange Commission in its bid to turn Bitcoin's huge fund into a traded investment fund.
The second-largest digital currency also rose to its highest since August to hit $1850 levels
Bitcoin beat the U.S. Securities and Exchange Commission in its bid to convert its huge Bitcoin fund Grayscale Bitcoin Trust (GBTC) into an exchange-traded investment fund.
Coinbase and Ripple, as well as other cryptocurrency companies, criticized the United States for its lack of clarity on cryptocurrency regulations and threatened to leave the country in response to the SEC crackdown.
A bitcoin exchange-traded fund would give investors a way to recognize bitcoin price movements without owning the cryptocurrency directly.
