A rendition of bitcoin is seen in this illustration picture. Bitcoin is up more than 18% from the year’s low of US$26,533 on Oct 11. – ReuterspicBitcoin, the world’s largest cryptocurrency, hit a three-month high on Monday , rising 4.73% to US$31,420 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund.
“We have seen recent geopolitical tensions drive demand for scarce assets, including both physical gold and bitcoin, which many investors view as digital gold,” said Zach Pandl, managing director of research at Grayscale Investments, a crypto asset manager. 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 US Securities and Exchange Commission is still reviewing the proposal, and is expected to deliver a decision by next year at the latest.