Crypto wrap: Bitcoin rallies 14%, Ethereum up 11% amid ETF optimism

Bitcoin has surged 14 per cent in the last seven days amid optimism around Bitcoin Exchange-Traded-Fund (ETF). On Tuesday, the largest cryptocurrency by market cap had touched its highest level since May 2022. On Friday, it was trading at $34,134, down from a peak of nearly $35,000, data from CoinMarketCap showed.

“The ETF anticipation is driving FOMO among investors who are flocking to Bitcoin as its market dominance grows to 2021 levels,” said Rajagopal Menon, vice president at WazirX. Bitcoin’s dominance was 53 per cent on Friday.

Several investment firms, including BlackRock and Fidelity Investments, have pending applications for bitcoin ETFs in the US, and speculation on their likely approval was fuelled by BlacRock’s iShares ETF listing on the website.