Bitcoin and cryptocurrency stocks rebounded early Thursday following a report from Fox Business late Wednesday that federal regulators may issue immediate approvals for bitcoin exchange-traded funds on Friday, ahead of an expected January 10 deadline.
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The price of Bitcoin, which fell 4.7% to $42,952.22 on Wednesday, rose more than 1% early Thursday to 43,379. This comes after Bitcoin rose above $45,000 on Tuesday, the first time the cryptocurrency has surpassed this. Level since April 2022.
At the end of 2023, Bitcoin traded at a 20-month high of around $43,000, up from $27,000 at the end of September. The world's largest cryptocurrency rebounded 158% in 2023.
Cryptocurrency exchange Coinbase (COIN) gained about 2% with Bitcoin miner Digital Marathon (MARA) rises 3.7% on Thursday during pre-market action. COIN stock fell 12.5% over the week. MARA stock rose more than 2% on Wednesday after falling 16.4% on December 29. Cryptocurrency stocks fell broadly on Wednesday during regular trading.
Late Wednesday, Fox Business cited unnamed sources as saying that the SEC may approve the issuance of bitcoin ETFs on Friday, with trading starting next week. This is expected to allow institutional investors to more easily participate in the cryptocurrency market and provide exposure to their clients.
Cryptocurrency-related ProShares Bitcoin Strategy ETF (BITO) advanced 1.3%. while, Grayscale bitcoin box (GBTC) shares fell by about 1%.
Launched in October 2021, the ProShares Bitcoin Strategy ETF is the first U.S. Bitcoin-linked ETF. It's also the largest, by far, based on assets under management as of September 30, according to Bloomberg data. BITO invests in Bitcoin futures and does not offer direct exposure to the cryptocurrency.
Among other stocks related to cryptocurrencies, Riot pads (RIOT) shares rose by 2%. Robinhood Markets (HUD) 0.5% and Accurate strategy (MSTR) rose by 1.6%.
Please follow Kit Norton on X, formerly known as Twitter, @ketnorton For more coverage.
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