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Bitcoin hits one and a half year high

Bitcoin price has increased 10% to its highest level in the past year and a half following news that a cryptocurrency ETF will soon be approved.

The world's largest cryptocurrency from late on October 23 almost increased steeply. From a market price of over 33,200 USD, this currency has jumped to more than 33,600 USD per unit, as of about 8am this morning. At one point, Bitcoin hit the $35,000 mark.

Just overnight, this cryptocurrency increased by 10% and reached its highest level since May 2022. This was the popular price range for Bitcoin before the series of crises of Terra-Luna, Three Arrows Capital, Genesis and FTX.

Digital currencies with smaller capitalization also recorded positive developments. Ether rose 6%, hitting a two-month high and surpassing the 200-day moving average. Binance Coin and XRP both increased around 5%.

This market was excited after the news that the US Securities Commission (SEC) did not appeal the ruling of the District of Columbia court (Washington). This agency believes that the SEC's previous decision to reject Grayscale Investments' Bitcoin ETF was wrong.

From there, investors expect the birth of a Bitcoin ETF to promote larger capital flows into digital currencies. This will allow more investors to buy cryptocurrencies without having to transact directly. CoinDesk experts predict that the Grayscale Investments ETF could be approved in the next three months.

Major asset managers such as BlackRock, VanEck, WisdomTree, Fidelity, Bitwise and Invesco all have bitcoin ETFs pending. In particular, the market expects that the second approved fund will be iShares ETF of Blackrock - the world's largest asset manager.

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