Bitcoin Price Nears $37,000 and MicroStrategy Shares Rise

Cryptocurrencies gained on expectations U.S. regulators are moving to approve a bitcoin exchange-traded fund.

Shares of MicroStrategy, a software intelligence firm that periodically adds bitcoins to its coffers, rose 8.3%. Shares in the company often rise or fall with bitcoin.

The runup in cryptocurrency markets extends a rally that began in October, and which many attribute to bets that the Securities and Exchange Commission will approve ETFs that directly hold BTC, known as spot bitcoin ETFs. For now, these investment vehicles are only allowed to hold bitcoin futures.