The price of Bitcoin has increased by over 4% to $43,794.99, according to Coin Metrics. This is an extension of the gains from the previous day. The demand for a spot Bitcoin exchange-traded fund in the U.S. has been increasing, which has contributed to the rise in price. At one point, the coin traded as high as $44,903.45, which is the highest level it has reached since April 7, 2022. The price of Bitcoin has increased by over 4% to $43,794.99, according to Coin Metrics. This is an extension of the gains from the previous day. The demand for a spot Bitcoin exchange-traded fund in the U.S. has been increasing, which has contributed to the rise in price. At one point, the coin traded as high as $44,903.45, which is the highest level it has reached since April 7, 2022.
Bitcoin surged over 160% for the year following Tuesday's gains, while Ether climbed 1.6% to $2,263.76, marking an 88% increase for 2023..
Bitcoin has been experiencing a notable surge in value in recent weeks, with an increasing frequency of new highs. Over the weekend, it surpassed the $40,000 threshold for the first time since April 2021, following a gradual climb from around $34,000 at the start of November. This upward trend has resulted in new year-to-date highs being reached in the interim period.
The possibility of a Bitcoin ETF being approved in the United States has been the driving force behind Bitcoin's rise since the summer. Although the momentum was initially low, reports of potential Bitcoin ETF issuers meeting with the U.S. Securities and Exchange Commission and receiving feedback on their ETF applications have further fueled investor optimism.
Broad consensus is that there will be a greenlit bitcoin ETF early in 2024, based on the SEC’s various deadlines to respond, which are determined by issuers’ application filing dates
In addition, the resolution reached between Binance and the U.S. Department of Justice in November was considered a significant obstacle to overcome in the ongoing efforts to clean up the cryptocurrency industry after the FTX incident. Furthermore, investors are eagerly anticipating the Bitcoin halving event, which is scheduled to occur in the spring of 2024.
