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Bitcoin’s Strong Comeback: Heading Toward $100,000 Mark?

The logo of the US Securities and Exchange Commission and Bitcoin with the words “Approval of Exchange-Traded Funds” (Reuters)
The logo of the US Securities and Exchange Commission and Bitcoin with the words “Approval of Exchange-Traded Funds” (Reuters)
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Bitcoin’s Strong Comeback: Heading Toward $100,000 Mark?

The logo of the US Securities and Exchange Commission and Bitcoin with the words “Approval of Exchange-Traded Funds” (Reuters)
The logo of the US Securities and Exchange Commission and Bitcoin with the words “Approval of Exchange-Traded Funds” (Reuters)

Bitcoin, the top cryptocurrency, has bounced back strongly, recovering all losses since the crypto market downturn in May 2022. Today, it’s steadily nearing its record high of $64,000, last seen in November 2021.

With investors rushing into cryptocurrency exchange-traded funds (ETFs), Bitcoin's price is rising rapidly, bringing it back to early 2021 levels.

The value of Bitcoin, the biggest cryptocurrency by market cap, jumped 3.4% to $62,205 after briefly touching $63,933 overnight Thursday, its highest level since late 2021.

This rise shows renewed confidence in the cryptocurrency market, helped by ETFs making crypto trading easier for investors.

US market sentiment towards Bitcoin is shifting positively, with big investors continuing to buy Bitcoin. This suggests long-term optimism and makes Bitcoin more appealing to investors looking for steady gains.

This surge is a big moment for Bitcoin and could lead to more growth in the future. It also shows Bitcoin is gaining acceptance as an investment.

Bitcoin holders expect the price to keep rising, possibly exceeding $69,000.

As Bitcoin hits new highs, 2024 is predicted to be its big year, with expectations reaching $100,000.

Bitcoin surged notably after approval was granted for cryptocurrency exchange-traded funds (ETFs) focused on immediate Bitcoin.

Optimism grew when the US Securities and Exchange Commission greenlit 11 of these funds in mid-January, allowing institutional investors to join the Bitcoin market, leading to increased demand and significant price rises.

These funds allow institutional investors to trade Bitcoin at its current price. Previously, Bitcoin ETFs were limited to trading futures contracts, complex financial tools suitable only for experienced investors.

After the approval of the first Bitcoin ETFs for immediate trading in the US, the world’s oldest cryptocurrency skyrocketed. It surged over 42% since the year began, jumping from under $50,000 at approval time to over $60,000 today.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.