April 23, 2024

Bitcoin rises to highest level in 21 months on ETF approval hope

Bitcoin surpassed $45,000 for the first time in nearly two years as anticipation of an approval of an exchange-traded fund investing directly in the biggest token intensified.

The cryptocurrency jumped as much as 4% to its highest level since April 6, 2022 and traded at $44,844 as of 9:45am. Singapore time. Other tokens also advanced with Ether, the second biggest, rising as much as 2.6%.

Bitcoin has risen over 15% since the start of December as a Jan. 10 deadline for the US Securities and Exchange Commission to give its blessing for a spot ETF Bitcoin draws closer.

There’s a fear of missing out among some traders in the US and Europe ahead of the looming approval and investors have started “buying on January 1, first thing New Year’s morning,” said Hayden Hughes, co-founder of social-trading platform Alpha Impact.

Traders are expecting Bitcoin to touch $50,000 soon, riding on the spot ETF optimism.

Bitcoin’s resurgence in the last 12 months has also been driven by a broader risk-on sentiment fueled by expectations of declining interest rates in the US. The rally has partially repaired the damage from a precipitous 2022 crash that reverberated around the crypto industry. The token remains below its 2021 pandemic-era record of almost $69,000.

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