The price of bitcoin reached its highest level in a year and a half on Tuesday and briefly exceeded $35,000 after the US court decision, AFP and News.ro reported.

Bitcoin rose 9.25% to $34,446 on Tuesday morning after briefly above $35,000 on Tuesday. The high recorded a day ago was $35,172, a level that the world’s largest cryptocurrency has not reached since May 2022.

The amount that Bitcoin is trading for has doubled since the beginning of this year as a result of the digital currency’s new growth.

Bitcoin is benefiting from “improved prospects for ETF (indexed funds) adoption” and “retains its strength as somewhat of an alternative investment in a period of uncertainty,” says XTB analyst Walid Koodmani.

The rise in the price of bitcoin follows a decision by a federal appeals court in Washington, D.C., which upheld a victory for cryptocurrency asset manager Grayscale on Monday.

In late August, Grayscale won its first court victory in a lawsuit challenging the Securities and Exchange Commission’s (SEC) refusal to allow the listing of an index fund (ETF) whose assets were invested in bitcoin.

The court found that the SEC did not sufficiently argue the reasons for the refusal, and the regulatory body missed the deadline for appealing this decision.

The authorization of such a fund, which several players want to launch, “could encourage a wider range of investors to enter the cryptocurrency sector,” says Tickmill analyst Patrick Mannelli.

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