For the first time since April 2022, Bitcoin’s price reached $45,000 in 2024.
Reuters reports that the world’s largest cryptocurrency’s fortunes have improved as investors await the approval of exchange-traded spot bitcoin funds (ETFs). Bitcoin reached a 21-month high of $45,922 in 2023, with the currency increasing 156%, its best year since 2020.
“We expect a positive approval, and I wouldn’t be surprised if we see a retracement of lower price levels after the approval before we go up again,” said Matteo Greco, analyst at digital asset startup Fineqia International.
According to the poll, rising expectations that central banks would decrease interest rates this year have assisted the crypto market’s rebound from industry low points such as the bankruptcy of FTX and other crypto companies in 2022.
Furthermore, Markus Thielen, CEO of digital asset analysis firm 10x analysis, told Reuters that this year’s presidential election might stimulate crypto markets in the same way as it did in 2021, 2016, and 2020.
The statement follows last month’s claims about rising interest in cryptocurrencies in the run-up to the SEC’s approval of a bitcoin ETF.
