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Bitcoin surged above $45,000 on Tuesday, reaching its highest level since April 2022. The cryptocurrency’s strong start in 2024 is attributed to optimism surrounding the potential approval of exchange-traded spot bitcoin funds.
Bitcoin achieved a 21-month peak of $45,488, marking a 154% gain in 2023—the strongest performance since 2020. While Bitcoin remains below its November 2021 record high of $69,000, it has seen renewed interest and positive momentum.
Ether, linked to the Ethereum blockchain, also experienced gains, rising 1% to $2,376 on Tuesday. The broader cryptocurrency market responds to evolving conditions, including regulatory considerations and global economic factors.
Investor attention is focused on the potential approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
The SEC has previously rejected such applications, citing concerns about market manipulation. However, there are signs that regulators may approve certain spot bitcoin ETFs in the coming weeks.
Expectations of interest rate cuts by major central banks in 2024 contribute to the cryptocurrency market’s positive sentiment.
This, coupled with the anticipation of spot bitcoin ETF approvals, is seen as driving notable growth in the crypto market this year.
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