The price of the cryptocurrency Bitcoin crossed the threshold of $45,000 for the first time in nearly two years, with growing expectations for the approval of the launch of exchange-traded funds that invest directly in the largest digital token.
The cryptocurrency jumped about 4% to its highest levels since April 6, 2022, to $44,844 at 9:45 am Singapore time. Other cryptocurrencies also advanced, with the price of Ethereum (the second largest cryptocurrency) rising by about 2.6%.
Bitcoin has advanced by more than 15% since the beginning of last December as the deadline for the US Securities and Exchange Commission’s decision approaches on January 10, in which it is expected to issue the green light to launch Bitcoin ETFs.
Hayden Hughes, co-founder of the social media platform for traders Alpha Impact, said: Some traders in the United States and Europe are afraid to miss out on the opportunity to invest in Bitcoin before the imminent approval, and investors began their buying spree on January 1, as it would be the first thing they did in the morning. The new year.
Traders expect Bitcoin's price to touch $50,000 soon, with continued optimism about the launch of ETFs.
Bitcoin's recovery over the last 12 months was also driven by broader appetite for riskier assets supported by expectations of lower interest rates in the United States.
The Bitcoin exchange-traded fund market is likely to reach $100 billion
This rise also partially offset losses resulting from the sharp collapse that occurred in 2022, which reverberated throughout the crypto sector. The price of Bitcoin is still below the record level it reached during the pandemic era in 2021, amounting to approximately $69,000.
