{"id":26660,"date":"2023-06-23T16:50:32","date_gmt":"2023-06-23T20:50:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-hits-12-month-high-as-crypto-bulls-stay-buzzing\/"},"modified":"2023-06-23T16:50:34","modified_gmt":"2023-06-23T20:50:34","slug":"bitcoin-hits-12-month-high-as-crypto-bulls-stay-buzzing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26660","title":{"rendered":"Bitcoin Hits 12-Month High As Crypto Bulls Stay \u2018Buzzing\u2019"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Bitcoin spiked to its highest level in more than a year Friday, moving against a rather dreary stretch for stocks and keeping its 2023 winning streak alive thanks to extended optimism stemming from major financial institutions\u2019 recent embrace of the cryptocurrency.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Bitcoin rose as much as 4% to $31,255 in early afternoon trading, hitting its steepest price since June 7, 2022.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The world\u2019s largest crypto token is up 21% since BlackRock applied for what would be the U.S.\u2019 first bitcoin spot exchange traded fund last thursday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Bitcoin\u2019s rally far outpaces the S&amp;P 500\u2019s 2% loss over the last eight days, while its Friday spike came as the S&amp;P slipped 0.7%.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>\u201cWith a de-risking moment occurring on Wall Street, it is rather impressive how the crypto trade is holding up,\u201d Oanda analyst Ed Moya wrote Friday, adding \u201cthe crypto market is still buzzing over the potential launch of U.S.-approved bitcoin ETFs.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Chief Critic<\/h2>\n<p>Bitbank analyst Yuya Hasegawa wrote Friday: \u201cIt feels like the current recovery has a short expiration date,\u201d noting the choppy macroeconomic conditions and likelihood of further monetary tightening from the Federal Reserve.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>BlackRock describes its proposed ETF as a means to invest in the digital asset while \u201cremov[ing] the obstacles represented by the complexities and operational burdens involved in a direct investment in bitcoin.\u201d Crypto investors big and small have endured a brutal last year-and-a-half, highlighted by high-profile bankruptcies of exchanges and lenders like FTX and Celsius. Bitcoin crashed nearly 80% between November 2021 and November 2022 amid crypto industry turmoil, but it\u2019s up 98% since hitting a multiyear low of about $15,700 on November 21, 2022 amidst FTX\u2019s collapse.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>Bitcoin\u2019s price surge appears to price in BlackRock and its peers\u2019 ETF application as a watershed moment for crypto, but it\u2019s far from a guarantee U.S. regulators will approve it considering the Securities and Exchange Commission\u2019s long standing opposition to such funds.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>BlackRock\u2019s Spot Bitcoin ETF Plan Appears To Be A Case Of Perception Bending Reality (<em>Forbes<\/em>)<\/p>\n<p>Bitcoin Surges Past $30,000 For First Time In Months (<em>Forbes<\/em>)<\/p>\n<p>U.S. Government Owns Way More Bitcoin Than Any Other Country\u2013So Why Aren\u2019t They Selling It? (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/06\/23\/bitcoin-hits-12-month-high-as-crypto-bulls-stay-buzzing\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Bitcoin spiked to its highest level in more than a year Friday, moving against a rather dreary stretch for stocks and keeping its 2023 winning streak alive thanks to extended optimism stemming from major financial institutions\u2019 recent embrace of the cryptocurrency. Key Facts Bitcoin rose as much as 4% to $31,255 in early afternoon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Hits 12-Month High As Crypto Bulls Stay \u2018Buzzing\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Bitcoin spiked to its highest level in more than a year Friday, moving against a rather dreary stretch for stocks and keeping its 2023 winning\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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