Bitcoin is now worth over $34,500 – but will it hold?

This week, the cryptocurrency’s price shot to nearly $35,000 per token, further cementing its position at the top of the pile. But will this bull run last?

Highlights

• Bitcoin is now worth over $34,500, up 23.4% on the week and 109% from $16,625 at the beginning of the year.
• On Monday, the cryptocurrency almost reached $35,000, marking its highest price since May 2022.
• The run has been the “perfect storm” for market participants who have been shorting bitcoin, an investment officer at Ledn said.
• The primary driver of this week’s price moves is the anticipation and “high likelihood of the approval” of a bitcoin spot exchange-traded fund, an investor relations expert said.
• But will this bull run last?

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