Jaap Ariens | Nurfoto | Getty Images
Bitcoin is gaining momentum, with the flagship cryptocurrency topping $43,000 on Tuesday for the first time since April 2022.
Bitcoin price last rose more than 4% to $43,794.99, extending gains from the previous day, as the U.S. spot Bitcoin exchange-traded fund drumbeat gets louder, according to Coin Metrics did. At one point, the coin traded as high as $44,903.45, its highest price since April 7, 2022.
Tuesday’s rally pushed Bitcoin up more than 160% for the year. Ether rose 1.6% on the day to $2,263.76. By 2023, it will increase by 88%.
Bitcoin from April 2022 onwards
Bitcoin has been hitting new highs more frequently over the past few weeks. It started in November at around $34,000, gradually rising to its highest price this year, but over the weekend it topped $40,000 for the first time since April 2022.
Optimism regarding the potential approval of spot Bitcoin ETFs in the US has been a major driver of Bitcoin’s rally that began over the summer. After initially weak momentum, reports that potential Bitcoin ETF issuers have met with the U.S. Securities and Exchange Commission to receive feedback on and implement ETF applications have boosted investor optimism. It got even higher.
Based on the SEC’s various response deadlines (determined by the issuer’s filing date), the general consensus is that Bitcoin ETF launches will be green-lighted in early 2024.
In addition, the recent settlement signed between Binance and the US Department of Justice at the end of November was widely seen as a major hurdle to clear in cleaning up the crypto industry post-FTX. Investors are also looking forward to Bitcoin’s halving, scheduled for spring 2024.
—CNBC’s Nick Wells and Gina Francola contributed reporting.
Don’t miss the next story from CNBC PRO.
