ALBAWABA - In a swift start to the new year, Bitcoin, which has long hovered at lower levels, catapulted to $45,400, marking its highest value since April 2022. The surge is attributed to growing expectations that the U.S. Securities and Exchange Commission (SEC) will soon greenlight Bitcoin exchange-traded funds (ETFs).
Market data from Coinmarketcap indicates that the total value of the global cryptocurrency market, inclusive of Bitcoin, exceeded $1.74 trillion, witnessing a noteworthy 5.88% surge within the last 24 hours. Bitcoin, the foremost cryptocurrency, experienced a surge of over 7% in the past 24 hours, fueled by mounting speculations regarding the SEC's potential approval of some of the 13 Bitcoin spot ETF applications in early January.
BITCOIN ACHIEVES HIGHEST LEVEL IN 21 MONTHS
Forecasts of major central banks initiating interest rate reductions in the coming year, signaling a more accommodative monetary policy, have further bolstered Bitcoin's upward trajectory. Presently, Bitcoin has reached levels around $45,400, representing its peak value since April 2022.
WEEKLY GAINS EXCEED 6%
Bitcoin's weekly gains have surpassed the 6% mark. Despite Bitcoin's remarkable 60% surge since October 2023, it remains considerably distant from its record high of $68,990 in November 2021. Notably, Bitcoin exhibited an approximate 157% increase in its price throughout the previous year.
FOCUS ON SEC'S DECISION
Analysts underscore the significance of launching a spot ETF in Bitcoin as a pivotal stride toward its broader distribution and acceptance. Thirteen companies, including the industry giant Blackrock, alongside VanEck, WisdomTree, Fidelity, Bitwise, Grayscale Investments, and Invesco, have submitted applications to the SEC for a Bitcoin spot ETF.
Given the SEC's historical stance on the crypto market's susceptibility to manipulation, the looming decision on multiple spot Bitcoin ETF applications might precipitate an abrupt downturn in Bitcoin prices.
ETHEREUM RECORDS OVER 5% GAINS IN THE LAST 24 HOURS
Taking the second spot in market capitalization, Ethereum mirrored the positive trend by accruing over 5% gains in the last 24 hours, reaching a commendable $2,380. Ethereum notably set a record in 2021 by breaching the $4,000 mark
