Bitcoin is up nearly 20% since the beginning of December, the January 10 deadline for the US SEC.
Bitcoin surpassed $45,000 for the first time in nearly two years as anticipation grows for the approval of an exchange-traded fund to invest directly in the largest token.
The cryptocurrency rose 5.2% to its highest since April 2022 and was trading at $45,063 as of 3 p.m. New York time. Other tokens were mixed in with Ether, the second largest token, up 4.1% and recently released Solana, down 2.2%.
Bitcoin is up nearly 20% since the beginning of December as the January 10 deadline for the U.S. Securities and Exchange Commission to authorize a Bitcoin spot ETF approaches. “The market continues to rally, confident that a Bitcoin ETF will soon be allowed to launch in the United States,” said Darius Tabatabai, co-founder of decentralized exchange Vertex Protocol. “Normally, such an event involves buying rumors and selling information, and this appears to be no exception.”
‘Nerves of steel’
Options traders have been betting that Bitcoin will reach $50,000, based on the optimism of spot ETFs. Cici Lu McCalman, founder of blockchain advisor Venn Link Partners, said a major correction is unlikely given broader bullish sentiment and the upcoming halving, referring to the process of halving the number of Bitcoins. that miners receive per block reward. “I think traders will need nerves of steel to sell BTC,” she said.
The halving – sometimes called halving – is scheduled for April and takes place approximately every four years. The coin reached record highs after each of the last three halves. Bitcoin’s nearly 160% gain last year partially undid some of the damage caused by the rapid crash in 2022 that hit the cryptocurrency industry. The token outperformed global stocks and gold during the period, but remained below its 2021 pandemic high of nearly $69,000. Shares of so-called cryptocurrency companies were also mixed. Bitcoin proxy MicroStrategy is up about 87%, while miner Marathon Digital is down 2.3% and cryptocurrency exchange Coinbase Global is down 9.5%.
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