Cryptocurrencies got off to a strong start for 2024, notably bitcoin, which surged past $45,000 on Tuesday, to reach a level not seen since April 2022.
Bitcoin
BTCUSD,
jumped to $45,296, after finishing 2023 at just over $42,500. Excitement surrounding the potential for bitcoin exchange-traded funds (ETFs) drove the cryptocurrency 157% higher in 2023, though it remains over 37% off its all-time high reached in 2021.
Crypto market enthusiasts have been expecting the U.S. Securities and Exchange Commission to approve a spot bitcoin ETF as early as this week. The oversight agency must respond to ARK Invest and 21Shares’s spot bitcoin ETF application by Jan. 10 and BlackRock’s application by March 15.
Read: Why bitcoin may not see a ‘Santa Claus rally’, despite potential approval of crypto-based ETFs
Citing unidentified sources, Reuters reported on Saturday that the SEC may give notice to ETF issuers, such as BlackRock Asset Management, by Tuesday or Wednesday that they will be approved to launch next week.
Bitcoin wasn’t the only cryptocurrency moving higher, with Ethereum
ETHUSD,
up 1.9% to $2,381.50 and Solana
SOLUSD,
up over 5% at $113.92.
Also read: How a big, messy ‘cleanup’ in crypto could pave way for a more regulated, mature market in 2024
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