Bitcoin bulls are undeterred by legal crackdowns and economic concerns, pushing the cryptocurrency’s value to nearly a 20-month high this week. The digital coin reached around $41,700 on Tuesday and has gained approximately 150 percent this year. Investment management firms like BlackRock and Fidelity are vying to create the first spot exchange-traded fund (E.T.F.) for Bitcoin, which would allow investors to own the token itself without the need for a crypto wallet. Despite uncertainty around approval from the Securities and Exchange Commission, investors are optimistic, speculating that a decision may come by January. However, the volatile nature of crypto trading has led to a market driven by fear of missing out.
