Bitcoin recovered amid renewed speculation that the U.S. securities regulator is getting close to approving an exchange-traded fund investing directly in the biggest token, Bloomberg reported. Bitcoin advanced as much as 2.1% and traded at around $43,000 as of 12:10 p.m. in London, rebounding from Tuesday’s drop. Other major cryptocurrencies also gained. Bitcoin Cash, one of the early offshoots of the original digital currency, rallied as much as 14% after investors piled into an investment vehicle tracking the token. Grayscale Investments said Tuesday that Barry Silbert, who is also founder and chief executive officer of its parent company Digital Currency Group, has resigned as chairman and will be succeeded by Mark Shifke. The move comes ahead of a Jan. 10 deadline for the U.S. Securities and Exchange Commission to decide whether to give its first blessing for a spot Bitcoin ETF. Grayscale is seeking approval for converting its Bitcoin trust, the world’s biggest, into an ETF. The Grayscale Bitcoin Cash Trust soared 18% on Tuesday in trading volume that was more than seven times the six-month daily average, data compiled by Bloomberg show.
