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Bitcoin History Supports Bulls After 10% Weekly Jump on ETF Speculation
A Bitcoin rally fueled by optimism about fresh demand from exchange-traded funds may have further to run if history is any guide. The largest digital asset posted a 9.8% jump in the seven days through Sunday — the biggest weekly advance since June — as traders bet on the possible approval in coming weeks of the first US ETFs investing directly in the token. In the past five years, weekly gains of at least that magnitude presaged a 10% average Bitcoin climb over the subsequent month, data compiled by Bloomberg show. The token rose 3.2% to trade at $30,818 as of 6:21 a.m. Monday in London. Smaller coins also ... (full story)