Bitcoin Surges Past $45K in New Year Rally

Bitcoin has kicked off the new year with a significant rise, surpassing $45,000, a high not seen since April 2022. This surge, amounting to over 6% on the year’s first day, reflects growing optimism in the cryptocurrency sector. A key factor fueling this surge is the widespread belief that the U.S. Securities and Exchange Commission (SEC) is on the verge of approving several spot bitcoin Exchange-Traded Funds (ETFs). A recent report from Reuters hinted at the possibility of the SEC approving these ETF applications soon.

As the trading day progressed, bitcoin’s value reached $45,237 according to CoinMarketCap data, marking an over 6% increase over the past 24 hours. This upward trend isn’t confined to bitcoin alone; the broader cryptocurrency market is also experiencing a rally.

The anticipation of regulatory approval for a U.S.-based spot bitcoin ETF is a crucial factor driving this trend. Investors and market watchers are closely monitoring the SEC’s moves, as approval is expected to significantly impact the market.

At time of writing the flagship cryptocurrency is moving hands at $44,9892. Ethereum is trading at $2,379 while BNB is up nearly 20% at $317.77.