Bitcoin hits highest level in 17 months

Bitcoin rose above the $35,000 barrier, setting another 17-month high amid growing expectations that the approval of ETFs holding cryptocurrency will boost public demand.

The largest digital currency jumped at the beginning of trading in Asia, reaching $35,578 before paring gains. This figure is the highest since May 2022.

The Sol coin of the Solana blockchain network also consolidated its recent gains, reaching an increase of about 30% this week.

“It’s a rebound as a result of the rapid movement that took place last week, during which it exceeded $35,000,” Michael Safai, partner at the private trading firm Dexterity Capital, said.

“The resistance point has strengthened at this level, but there is enough sustained motivation around the ETF news to move forward towards $37,000,” he added.

Bitcoin rose by 28% in October, the largest monthly increase since January, amid increased expectations that the US Securities and Exchange Commission may soon approve exchange-traded funds investing directly in the cryptocurrency after more than a decade of deliberation.

The price rose by more than 11% last Monday as traders speculated that the possible listing of the proposed index fund “BlackRock” indicates that approval is imminent.