Bitcoin climbs above US$45,000
SINGAPORE: Bitcoin stormed above US$45,000 yesterday for the first time since April 2022 as the biggest cryptocurrency started the New Year with a bang, buoyed by optimism around possible approval of exchange-traded spot Bitcoin funds.
Bitcoin touched a 21-month peak of US$45,532, having gained 156 per cent last year in its strongest yearly performance since 2020. It was last up 2.5 per cent at US$45,318 but remains far off the record high of US$69,000 it touched in November 2021.
Ether, the coin linked to the ethereum blockchain network, was 1.45 per cent higher at
Bitcoin touched a 21-month peak of US$45,532 yesterday after having already gained 156 per cent last year in its strongest yearly performance since 2020.
US$2,386 yesterday, having surged 91 per cent last year.
Investor focus has squarely been on whether the United States securities regulator will soon approve a spot Bitcoin exchange-traded fund (ETF), which would throw open the Bitcoin market to millions more investors and draw billions in investments.
The US Securities and Exchange Commission has rejected multiple applications to launch spot Bitcoin ETFs in recent years, arguing that the cryptocurrency market is vulnerable to manipulation.
In recent months, there have been increasing signs that regulators are prepared to sign off on at least some of the 13 proposed spot Bitcoin ETFs, with expectations that the decision will likely come in early this month.
The reaction to a possible rejection would be clear cut and likely see an immediate tumble, said Chris Weston, head of research at Pepperstone.
“Should we see the green light, the question is whether we get a buy the rumour, sell-on-fact scenario playout or whether it promotes another leg higher.”