Bitcoin hits three-month high, buoying crypto stocks

Bitcoin, the world’s largest cryptocurrency, hit a three-month high on Monday, rising 3.62% to $31,087 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund.The move also comes as concern ripples through the broader markets about the risk of Israel’s war with the Islamist group Hamas becoming a wider regional conflict.

On Monday, the yield on 10-year U.S. Treasuries reached as high as 5.021%, the latest stage of a relentless sell-off in government bond markets. Bitcoin briefly soared on Oct. 16 following an erroneous news report about asset manager BlackRock’s high-profile application for a spot bitcoin ETF, which would track the underlying price of the token. The U.S. Securities and Exchange Commission is still reviewing the proposal, and is expected to deliver a decision by next year at the latest.

“Over the past month, the growing investor confidence in the imminent approval of BTC spot ETFs has driven considerable momentum toward BTC,” Matteo Greco, a research analyst at crypto- and fintech-focused investor Fineqia, said in a note.Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.

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