PIcture courtesy of Bangkok Post.
The cryptocurrency market witnessed a notable surge in Asia, with Bitcoin reaching a near 18-month high. The climb in value today, October 24, by over 6% to US$35,198, is the highest recorded since May 2022 and is the result of speculation around the potential launch of a Bitcoin exchange-traded fund (ETF).
Monday, October 23, saw Bitcoin’s best session in almost a year, with its price doubling in the year 2023. This upward trend also benefited crypto-linked stocks such as Coinbase Global and MicroStrategy, both of whom experienced a rise in after-hours trades. Ether, another popular cryptocurrency, also broke above the US$1,800 mark.
The introduction of a Bitcoin ETF, giving fund investors ownership of Bitcoin, is believed to be a significant driver of demand. It provides a solution for those hesitant about trading in the…
