Bitcoin Price Roars Above $34,000 As Crypto Regains Confidence. Cathie Wood Cashes In. – WorldNewsEra

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Cryptocurrency prices soared Tuesday as bitcoin continues to rally on hopes a spot bitcoin exchange-traded fund will launch soon. Bitcoin price rallied above $35,000 intraday Tuesday – its highest level since May 2022. X Bitcoin led cryptocurrency prices higher over the past two weeks after the SEC declined to challenge its court loss against Grayscale Investments (GBTC) and its effort to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF on Oct. 13. Late Monday, a U.S. appeals court ordered the SEC to review Grayscale’s ETF application. The regulator could still reject the spot bitcoin application, but it would need a new justification to do so. Grayscale filed an S-3 form with the SEC on Thursday to register its $18 billion bitcoin trust as a product under the 1933 Securities Act, the Wall Street Journal reported. ARK Invest (ARKK), VanEck, BlackRock (BLK) and Coinbase (COIN) are among the wave of firms that also filed for bitcoin ETFs. Strong Bitcoin Demand “Institutional demand for a spot bitcoin ETF is stronger than ever before. For many institutions, it is a matter of when — not if — the SEC will approve a spot bitcoin ETF,” wrote Diogo Monica, co-founder and president of Anchorage Digital, in an email to IBD. Crypto unicorn Anchorage Digital offers full-stack API infrastructure to bring crypto to institutional clients. A spot bitcoin ETF would provide a regulated and accessible wrapper for bitcoin exposure, and also mark a major vote of institutional confidence in the broader ecosystem, Monica added. SEC approval would also lead to greater demand from RIAs and large asset managers for crypto infrastructure. The positive sentiment is shared by other major industry players. Coinbase Chief Legal Officer Paul Grewal said he is “quite hopeful these applications will be granted,” during a CNBC interview last week. ARK Invest CEO Cathie Wood expects spot bitcoin ETF approval to occur this year or in early 2024, according to an Oct. 12 podcast interview. Cathie Wood Cashes In Meanwhile, Cathie Wood and ARK Invest appear to be using the recent rally to take some profits. ARK Invest on Monday sold a total 42,613 shares of COIN stock from its ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) worth $3.29 million based on Coinbase’s 77.21 closing price. ARK sold 100,739 shares of Grayscale’s Bitcoin Investment Trust from ARKW worth $2.48 million based on the 24.70 GBTC closing price. Bitcoin Price, Related Action Cryptocurrency prices were deeply green early Tuesday. Bitcoin price hovered below $34,000 late Tuesday after spiking as high as $35,144 intraday. Ethereum traded around $1,780 Tuesday afternoon following its rally to $1,853 in the morning. GBTC stock ballooned 6.2% Tuesday. Coinbase stock bolted 6.3%. Bitcoin miner Marathon Digital (MARA) vaulted 11.5% Tuesday, adding to its 12.8% surge Monday. Riot Platforms (RIOT) jumped 10.3% Tuesday after gaining 9% Monday. MicroStrategy (MSTR) swung another 12.5% higher Tuesday after climbing 8.5% Monday. The computer software company holds 158,245 bitcoin with an average purchase price of $29,582 as of Sept. 24, CoinDesk reported. MSTR stock is climbing the right side of a possible a cup base. You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison YOU MAY ALSO LIKE

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