{"id":42853,"date":"2024-01-02T08:58:06","date_gmt":"2024-01-02T08:58:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/bitcoin-climbs-above-45000-for-first-time-since-april-2022-the-express-tribune\/"},"modified":"2024-01-02T08:58:06","modified_gmt":"2024-01-02T08:58:06","slug":"bitcoin-climbs-above-45000-for-first-time-since-april-2022-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/bitcoin-climbs-above-45000-for-first-time-since-april-2022-the-express-tribune\/","title":{"rendered":"Bitcoin climbs above $45,000 for first time since April 2022 | The Express Tribune"},"content":{"rendered":"
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\nSINGAPORE:
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Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022 as the world’s biggest cryptocurrency started the New Year with a bang\u00a0buoyed by optimism<\/a>around possible approval of\u00a0exchange-traded spot bitcoin funds<\/a>.<\/p>\n

Bitcoin touched a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020. It was last up 2.5% at $45,318 but remains far off the record high of $69,000 it touched in November 2021.<\/p>\n


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Ether , the coin linked to the ethereum blockchain network, was 1.45% higher at $2,386 on Tuesday, having surged 91% in 2023.<\/p>\n

Investor focus has squarely been on whether the U.S. securities regulator will soon approve a spot bitcoin ETF, which would throw open the bitcoin market to millions more investors and draw billions in investments.<\/p>\n

The US Securities and Exchange Commission has rejected multiple applications to launch spot bitcoin ETFs in recent years, arguing that the cryptocurrency market is vulnerable to manipulation.<\/p>\n

In recent months, however, there have been\u00a0increasing signs<\/a>\u00a0that regulators are prepared to sign off on at least some of the 13 proposed spot bitcoin ETFs, with expectations that the decision will likely come in early January.<\/p>\n

The reaction to a possible rejection would be clear cut and likely see an immediate tumble, said Chris Weston, head of research at Pepperstone.<\/p>\n

“However, should we see the green light the obvious question is whether we get a buy the rumour, sell-on-fact scenario playout or whether it promotes another leg higher,” he added in a note.<\/p>\n

Rising bets that major central banks will cut interest rates this year has also been a boon for cryptocurrencies, helping shake off the gloom that had settled over crypto markets following the collapse of FTX and other crypto-business failures in 2022.<\/p>\n

“The crypto market is set to experience notable growth this year, with key influencing factors being the influx of investment funds from spot ETFs,\u00a0Bitcoin halving<\/a>, and a more accommodative monetary policy both in the United States and worldwide,” said Jupiter Zheng, partner of liquid funds at HashKey Capital.<\/p>\n

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