Bitcoin's (CRYPTO: BTC) price has surged more than 30% over the past month for two main reasons. First, 's (NYSE: BLK) proposed Bitcoin exchange-traded fund (ETF) briefly appeared on a clearing house eligibility list, which suggested it might be making gradual progress toward a regulatory approval. If approved, BlackRock's Bitcoin ETF would be the first ETF to be pinned to Bitcoin's spot price, which would set it apart other Bitcoin ETFs which are currently tethered to Bitcoin futures.

Second, the escalating Middle East conflict has been driving investors toward safe haven assets like gold again. Bitcoin is still more volatile than gold, but it could be lumped together with the precious metal as more investors pivot away from fiat currencies while inflation, high interest rates, and global turmoil rattle the global markets.

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Source Fool.com