Bitcoin, the foremost cryptocurrency globally, has made a significant leap, crossing the $45,000 threshold, hitting a notable high at $45,532. This impressive climb comes as a stark recovery from its low of $16,304 observed in January 2023.
In tandem with Bitcoin’s surge, Ethereum has also witnessed a robust increase of over 7% in the past week, crossing the $2,300 milestone. This rise from its low of $1,201 in January 2023 indicates a compelling rebound for ETH. These price recoveries, especially notable in Bitcoin, coincide with investors eagerly awaiting potential regulatory approval for spot bitcoin exchange-traded funds (ETFs) within the US.
ETFs are investment funds traded on stock exchanges that mirror the performance of one or multiple assets, and crypto ETFs specifically track cryptocurrency prices. These investment vehicles offer a more accessible avenue for both retail and institutional investors to enter the crypto space without directly owning the assets, minimizing some associated risks like personal crypto wallet management or custody.
While the Securities and Exchange Commission (SEC) has previously turned down similar proposals, reports suggest that a subset of the 13 Bitcoin ETF applications might receive approval by or before January 10th.
The expectations of central bank interest rate cuts have further bolstered prices of risk assets, contributing to this upward trajectory in the crypto market. Analysts predict that the upcoming US Elections may amplify this bullish momentum in the cryptocurrency space throughout 2024.
Bitcoin’s price surges in past years, coinciding with US election cycles and “halving” events like those in 2012, 2016, and 2020, have drawn attention. As the next halving event approaches in April 2024, a favorable market environment for Bitcoin seems increasingly evident, particularly following recent periods of market volatility.
Anticipations surrounding the upcoming US Elections are poised to significantly impact cryptocurrency markets in 2024. Notably, crypto-supported super PACs are actively backing the industry, and the pledges of presidential candidates to endorse crypto suggest a potentially favorable post-election environment for crypto-related policies and regulations.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
