Bitcoin Hits 21-Month High: What Investors Need to Know.
The world’s largest cryptocurrency, has surged beyond $45,000 on the first day of the new year, reaching a level not seen since April 2022 . The cryptocurrency hit a 21-month high of $45,922 before settling at $45,509, marking a 3.1% increase . This impressive performance is still a significant distance from its all-time high of $69,000 achieved in November 2021 .
The surge in Bitcoin’s price comes as investors anticipate a possible approval from the US Securities and Exchange Commission (SEC) of a bitcoin exchange-traded fund (ETF) . The approval of a spot bitcoin ETF by the US securities regulator could attract significant investments and broaden market access for millions of investors . Despite multiple rejections in recent years, the SEC cites concerns about market vulnerability to manipulation as a reason for denying spot bitcoin ETF applications .
Additionally, the growing expectation of interest rate cuts by major central banks in the coming year has contributed to the positive sentiment in the cryptocurrency market, overcoming previous concerns following crypto-business failures in 2022 . Looking ahead to 2024, experts note the historical trend of bitcoin performing well during US election years, aligning with Bitcoin halving cycles in 2012, 2016, and 2020 .
In conclusion, Bitcoin’s recent surge is a positive sign for investors, and the anticipation of a possible approval of a bitcoin ETF by the SEC has further fueled investor interest. However, it is important to note that the cryptocurrency market is highly volatile, and investors should exercise caution when investing in cryptocurrencies.
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