Bitcoin surged in value early Tuesday, extending a runup for the largest cryptocurrency. The digital token was recently quoted at about $34,150, up more than 8% from its late-Monday level, according to CoinDesk. A few hours earlier it had spiked to around $35,000. Excitement about the prospect of exchange-traded funds based on spot bitcoin, rather than bitcoin futures, has helped propel it higher.
Bitcoin's latest rally brings its price back to levels seen in May 2022, shortly before the cryptocurrency market started imploding. The market endured a string of high-profile collapses and scandals, including the crash in value of a pair of stablecoins, the meltdown of a multibillion-dollar crypto hedge fund and the fall of exchange FTX.
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