Bitcoin ETF US 24 October 2023

Bitcoin surges above $34,000, hitting its highest level since May last year.

Positive sentiment surrounding a bitcoin exchange-traded fund (ETF) boosts its price.

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Ethereum (Ether) also reaches its highest value since August.

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Short liquidations worth $167 million on offshore exchanges drive the price surge.

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Anticipation of a bitcoin ETF increases after a court ruling in favor of Grayscale.

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The SEC's decision not to appeal the ruling sparks hopes for the approval of a bitcoin-related ETF

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A bitcoin ETF offers investors exposure to bitcoin's price movements without owning the cryptocurrency.

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Major financial institutions, including BlackRock, Invesco, Fidelity, and Grayscale, push for bitcoin ETFs.

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The crypto industry closely watches developments that could signify a comeback after a turbulent year.

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Regulatory challenges and lawsuits involving the SEC continue to impact the cryptocurrency sector.

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