Bitcoin price surpasses $45k after 160% gain in 2023
Bitcoin has reached a milestone by exceeding $45,000, marking its highest value in nearly two years. This surge is attributed to growing expectations of approval for an exchange-traded fund (ETF) directly investing in the leading cryptocurrency.
Experiencing a 4.3% increase, Bitcoin attained its highest level since April 6, 2022, reaching $45,355 as of 12:25 p.m. Singapore time. Concurrently, other cryptocurrencies demonstrated positive momentum, with Ether, the second-largest token, registering a 2.6% rise.
Bitcoin's value has escalated by more than 20% since the beginning of December, fueled by the approaching January 10 deadline for the US Securities and Exchange Commission to approve a spot ETF for Bitcoin potentially.
Key Takeaways
Bitcoin's remarkable recovery of nearly 160% in the past year has helped to alleviate some of the repercussions from the steep crash in 2022 that had widespread effects on the crypto industry. During this period, Bitcoin outpaced global stocks and gold in performance, although it still falls short of its pandemic-era record in 2021, reaching almost $69,000. Options traders were optimistic about Bitcoin reaching $50,000, buoyed by the positive sentiment surrounding the potential approval of a spot ETF. Moreover, a significant correction seems unlikely, given the prevailing overall bullish sentiment and the upcoming halving event. This process involves cutting the quantity of Bitcoin miners receive per block reward by half, providing additional support and stability to the cryptocurrency's value.
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