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Bitcoin (BTC-USD) hit its highest level since May last year, crossing the $34,000 mark on Tuesday.

According to data compiled by Coin Metrics, the world's largest cryptocurrency was trading 4.97% higher at $34,596.40 on Tuesday. The surge was driven by optimism around the possibility of a bitcoin exchange-traded fund.

The optimism stemmed from a favorable ruling by a U.S. Court of Appeals, which sided with crypto asset management firm Grayscale in its bid to turn its Grayscale Bitcoin Trust (GBTC) bitcoin fund into an ETF.

In June 2022, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission after the agency rejected its application to convert GBTC into an ETF. Last week, the SEC declined to appeal that ruling.

The surge in bitcoin (BTC-USD) price is driving pre-market rallies for the following cryptocurrency-focused stocks: Coinbase (COIN) rose +8%, Hut 8 Mining (HUT) +11%, MicroStrategy (MSTR) +9%, Riot Platforms (RIOT) +13%, CleanSpark (CLSK) +13%, Marathon Digital (MARA) grew +14%, Bitfarms (BITF) +9%, and Bit Digital (BTBT) +8%.

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Bitcoin tops $34000 on ETF optimism (Cryptocurrency:BTC-USD) - Seeking Alpha