This is the best summary I could come up with:
On Monday, the cryptocurrency almost reached $35,000, marking its highest price since May 2022, when the Terra/LUNA collapse led to a sharp decline in the value of most digital tokens.
The recent run has been the “perfect storm” for market participants who have been shorting bitcoin, John Glover, chief investment officer at Ledn, said.
The primary driver of this week’s price moves has been the anticipation and “high likelihood of the approval” of a bitcoin spot exchange-traded fund (ETF), according to Michael Silberberg, head of investor relations at Alt Tab Capital.
More demand could lead to rising prices since the supply of bitcoin is limited, and some traders may be working to get ahead of any future value gains.
Many traditional financial players aren’t allowed to trade spot market cryptocurrencies yet, due to regulation and compliance matters.
Last week, a false report surfaced of BlackRock’s ETF application being approved, which caused a slight pump in the value of bitcoin.
The original article contains 400 words, the summary contains 159 words. Saved 60%. I’m a bot and I’m open source!