April 23, 2024
Crypto

Bitcoin Prices Inch Higher. This Is Likely to Be the Next Catalyst.


Bitcoin and other cryptocurrencies were mixed Wednesday as traders took stock of the recent rally, and appeared to be waiting for more catalysts ahead of expected regulatory approval of exchange-traded funds that hold Bitcoin.

Bitcoin has traded up 0.4% over the last 24 hours to $42,726. The largest cryptocurrency has largely traded in a range of between $41,000 and $44,000 since early December but has more than doubled this year so far. 

The…


Bitcoin

and other cryptocurrencies were mixed Wednesday as traders took stock of the recent rally, and appeared to be waiting for more catalysts ahead of expected regulatory approval of exchange-traded funds that hold Bitcoin.


Bitcoin

has traded up 0.4% over the last 24 hours to $42,726. The largest cryptocurrency has largely traded in a range of between $41,000 and $44,000 since early December but has more than doubled this year so far. 

The Bitcoin rally has been fueled by expectations that the Securities and Exchange Commission likely will grant approval to ETFs that propose buying crypto tokens on the spot market. The first set of approvals are expected as early as January. The SEC has held talks this month with the asset managers hoping to launch Bitcoin ETFs.


Ethereum,

the second largest cryptocurrency, was up 1.2% at $2,251. Among smaller cryptocurrencies,


Cardano

was up 0.7% but


Solana

was down 1.0%.


Dogecoin

was up 0.4%.

Write to Adam Clark at adam.clark@barrons.com

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