Bitcoin price surpasses $45K on optimism over ETF approval

The price of cryptocurrency Bitcoin is trading above $45,000 on the second day of the new year as expectations grow that US regulators will soon approve Bitcoin exchange-traded funds.

According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 5.88 percent in 24 hours and exceeded 1 trillion 740 billion dollars.

The price of Bitcoin, the largest cryptocurrency, has risen by more than 7 percent in the last 24 hours, driven by rising expectations that the U.S. Securities and Exchange Commission (SEC) will approve some of the 13 Bitcoin spot ETF applications (exchange-traded funds) in early January. gained value.

Expectations that major central banks will start reducing interest rates this year and turn to a more supportive monetary policy also support the rise in Bitcoin.

Bitcoin, which was traded at $ 45 thousand 322 as of 09.30 TSI today, reached its highest value since April 2022. Bitcoin's weekly value gain exceeded 6 percent.

Bitcoin has gained more than 60 percent in value since October 2023, but it is still far from its record level of $ 68,990 in November 2021. In addition, the price of Bitcoin gained approximately 157 percent last year.

Analysts see the launch of a spot ETF in Bitcoin as an important step towards greater distribution and acceptance of the digital currency.

13 companies, including Blackrock, the world's largest asset management company, and VanEck, WisdomTree (WT.N), Fidelity, Bitwise, Grayscale Investmens and Invesco, applied to the SEC for a Bitcoin spot ETF.

While the SEC has rejected numerous applications to launch spot Bitcoin ETFs in recent years, arguing that the cryptocurrency market is open to manipulation, it stated that Bitcoin will likely see a sudden decline in the new year as a reaction to a possible rejection decision.

Ethereum, which ranks second in terms of market value, gained more than 5 percent in the last 24 hours and reached the level of 2 thousand 380 dollars. Etherum broke a record by exceeding 4 thousand dollars in 2021.