Bitcoin rockets to $35,000 for the first time in 17 months on optimism that an ETF will be approved

• Bitcoin hit $35,000 on Tuesday, its highest since May 2022, amid hopes of a spot ETF approval.
• Optimism surrounding the ETF approval has been driving a bitcoin rally, which is up 107% year-to-date.
• An approval would be a big win for crypto advocates, letting investors into the industry without having to own bitcoin.

Bitcoin jumped as much as 11.5% on Tuesday to hit $35,000 amid hopes that regulatory approval for a long-awaited ETF is on the way. 

It later pared gains to about $34,200 but bitcoin is up 28% this month alone and 107% year to date — a major comeback from its precipitous drop in 2022.