ETF Optimism Boosts Bitcoin To $43,000 For The First Time Since April 2022

(CTN News) – Bitcoin’s upward momentum continues to strengthen, as the leading cryptocurrency surpassed $43,000 on Tuesday, marking its highest value since April 2022.

According to Coin Metrics, the price of increased by nearly 4% to reach $43,478.00, with a peak trading price of $43,977.40. This surge in value comes as the demand for exchange-traded funds in the U.S. intensifies. In terms of year-to-date performance,

Bitcoin has seen a remarkable increase of over 160%.

Meanwhile, Ether, another prominent cryptocurrency, experienced a 1.6% rise to $2,263.76, resulting in an 88% gain for 2023.

Bitcoin’s recent achievements in reaching new all-time highs have become more frequent in recent weeks, surpassing the $40,000 mark for the first time since April 2022 over the weekend.

Bitcoin’s ascent has been primarily driven by the positive outlook surrounding the approval of a spot Bitcoin ETF in the United States.

Initially, the momentum was relatively low, but the news of potential ETF issuers engaging with the U.S. Securities and Exchange Commission and incorporating their feedback into their applications has further bolstered investor confidence.

There is a consensus that a greenlight for an ETF will be granted early in 2024, considering the SEC’s response deadlines, which are determined based on the filing dates of the issuers’ applications.

Furthermore, the recent resolution between Binance and the U.S. Department of Justice in late November was widely perceived as a significant obstacle to overcome in the ongoing cleanup of the crypto industry after the FTX incident.

Additionally, investors eagerly anticipate the Bitcoin halving, projected to occur in the spring of 2024.

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