Bitcoin is experiencing a surge in price due to expectations that US regulators will soon approve a bitcoin spot ETF. The cryptocurrency reached its highest level in 18 months, surpassing $40,000, as investors anticipate a lower interest rate environment and regulatory approvals that would increase its mainstream appeal. The rally is also driven by a desire to move on from recent scandals in the crypto industry. Despite this increase, Bitcoin is still far from its all-time high in November 2021. The enthusiasm is partly based on the belief that the Securities and Exchange Commission will approve a bitcoin-focused exchange-traded fund, allowing traditional investors to gain exposure to the digital asset without owning it directly. This has been a long-desired option for investors who want to participate in Bitcoin's volatile rallies but find owning the asset unappealing.
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