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Bitcoin (BTC-USD) breached its key $30K level in Monday morning trading, eyeing year-to-date highs, as traders continued to wager on the potential approval of what would be the first U.S. exchange-traded fund that invests directly in the token.
The highest-profile cryptocurrency gapped up 1.9% to $30.5K at 9:44 a.m. ET, after reaching as high as $30.9K early in the session, taking its monthly gains to 15.2%. Ethereum (ETH-USD), the largest altcoin by market value, also advanced 2% to $1.66K.
BTC had briefly topped $30K on Friday, before pulling back to as low as $29.4K later in that session. From there, the token retested the key mark twice more prior to Monday’s breakout.
“Over the past month, the growing investor confidence in the imminent approval of BTC Spot ETFs has driven considerable momentum toward BTC,” Matteo Greco, research analyst at digital asset and fintech investment firm Fineqia International, wrote in a note. “This, combined with the scheduled BTC halving in the latter part of April 2024—a historic milestone event for the Bitcoin network—has prompted investors to favour BTC over other digital assets.”
Of course, the bullish price action among crypto prices buoyed crypto-related stocks. Marathon Digital (MARA) +1.5%, Riot Platforms (RIOT) +2.7%, Core Scientific (OTCPK:CORZQ) +9% and Galaxy Digital (OTCPK:BRPHF) +2.9% were among some of the biggest gainers.