Bitcoin prices have doubled this year and potentially new ways to invest may drive prices higher

By WYATTE GRANTHAM-PHILIPS
AP Business Writer

NEW YORK (AP) — Bitcoin is having another moment. The world’s largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months. The recent rally for volatile bitcoin coincides with the prospect of exchange-traded funds being launched based on spot bitcoin. Industry advocates say that could make entering the cryptoverse easier, while lowering some of the well-documented risks associated with investing in cryptocurrencies. A green light from federal regulators hasn’t arrived yet, but recent wins for some crypto fund managers with their applications for bitcoin ETFs have improved odds that approval could be down the road, and perhaps in the coming months. Still, much remains uncertain.