May 28, 2024

Bitcoin begins 2024 by rising above $45K

The crypto market appears to have started the new year with a bang as Bitcoin broke above $45,000 late Monday.

According to TradingView data, bitcoin crossed the $45,000 line shortly after 7 p.m. ET. Trading volumes rose sharply at that time, with the price peaking at $45,376 on Coinbase.

Bitcoin was last above the $45,000 mark in April 2022, according to market data.

As of press time, bitcoin is hovering around the $45,000 mark on Coinbase, having previously slid to a local low around $44,700.

TradingView BTCUSD Chart

It’s unclear what prompted the Monday price move, but speculation has mounted in recent weeks above a potential approval of a spot bitcoin ETF in the United States.

Numerous firms, including asset management giants BlackRock and Fidelity as well as an array of crypto companies, are vying for a listing. Recent days have also seen crypto-native firms begin to roll out marketing campaigns ahead of a hoped-for approval.

Read More: As bitcoin ETF saga hits possible homestretch, here’s what to watch for

Late last week, those would-be issuers revealed the names of so-called authorized participants, or firms that can redeem or create shares in ETFs. Those companies include Jane Street, JPMorgan, Virtu Securities and Cantor Fitzgerald.

As Blockworks reported, both Fidelity and BlackRock named Jane Street and JPMorgan Securities as their respective APs.

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