For the first time in 17 months, Bitcoin soars to $35,000 on hopes that an ETF will be approved.

 In anticipation of the adoption of a spot ETF, Bitcoin reached $35,000 on Tuesday, its highest level since May 2022.

The surge in bitcoin, which is up 107% so far this year, is being driven by optimism surrounding the acceptance of the ETF.

For proponents of cryptocurrencies, legalization would mean that investors may enter the market without needing to hold bitcoin.

Tuesday saw an 11.5% increase in Bitcoin to $35,000 as investors hoped that a long-awaited ETF would soon receive regulatory approval.

Later, it reduced gains to roughly $34,200, but bitcoin has recovered significantly from its sharp decline in 2022, up 28% this month and 107% year to date.

For weeks, the cryptocurrency market has been seeing growth as industry heavyweights including VanEck, Fidelity, and BlackRock filed as well as Exchange Commission to offer spot ETFs for bitcoin.

Grayscale Investment's recent legal victory against the SEC's attempt to prevent it from turning its bitcoin trust into a spot bitcoin ETF added to the enthusiasm.

Although bitcoin futures ETFs have previously received regulatory approval, a spot ETF will effectively produce a tradeable product linked to the price of bitcoin at that moment. Supporters of cryptocurrencies believe that a spot ETF would enable a large number of investors to engage in the market without actually possessing bitcoin.

Billionaire cryptocurrency bull Mike Novogratz stated last week that he expects this year to witness the approval of spot ETFs.

An "iShares Bitcoin Trust" has been placed on the website of the Depository Trust and Clearing Corporation, a corporation that clears securities transactions, according to a report published on X by Eric Balchunas, an ETF analyst for Bloomberg Intelligence.