Bitcoin back above $30,000 as hopes for new ETF drive prices

Bitcoin rose above $30,000 for the first time since August as it took gains for the year to nearly 80 per cent.

The cryptocurrency – which has swung wildly in value since its creation – peaked at nearly $69,000 in November 2021 but was changing hands for less than $16,000 late last year. 

The latest rally to over $30,000 has been driven by talks this week about creating an exchange-traded fund (ETF) based on current bitcoin prices in the US.

That means investors could be given more ways to bet on the world’s best known cryptocurrency. 

US customers can get futures-backed bitcoin ETFs, which are contracts to buy or sell an asset for a set price later on. 

Earlier this year Geoff Kendrick, head of foreign exchange research at Standard Chartered, predicted the cryptocurrency could reach $100,000 by the end of 2024. 

He said the introduction of spot ETFs for digital assets in core markets like the US would be among the most positive regulatory developments for bitcoin prices.