Bitcoin Surges on Speculation of Imminent ETF Launch

Bitcoin and other cryptocurrencies continued to surge in Asia trade, with Bitcoin reaching an almost 18-month high on speculation of an imminent exchange-traded fund (ETF). The rise in Bitcoin and crypto-linked shares such as Coinbase Global and MicroStrategy is seen as a result of the potential demand that an ETF would bring.

Investment giant BlackRock is among several firms with pending applications for bitcoin funds in the US, and speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. The move also comes as concern ripples through the broader markets about the risk of Israel's war with the Islamist group Hamas becoming a wider regional conflict.