Bitcoin at 18-month high

Bitcoin has risen to its highest level in 18 months, seeing levels above $36,000.

Crypto assets Terra and Luna had caused a deep decline last year that wiped out $1.5 trillion from the crypto market.

According to a note prepared by Bloomberg Intelligence analysts James Seyffart and Eric Balchunas, a window of at least eight days opened on Thursday for the US Securities and Exchange Commission (SEC) to "theoretically issue an approval order." According to the report, even if approvals do not come this month, there is still a 90 percent probability of approval by January 10.

Optimism that the regulatory agency will potentially grant approval following negotiations that have been ongoing for over 10 years has enabled the crypto asset to gain 120 percent this year.

Caroline Mauron, co-founder of crypto asset derivatives liquidity provider Orbit Markets, said that expectations for the Bitcoin rally to continue remain. Mauron said, "In the same period, global stocks showed a modest increase of 10 percent."

eToro Market Analyst Josh Gilbert said, "ETF anticipation is at the forefront of the catalysts for the next leg of the rally."

In addition to the ETF, Gilbert said that expectations that the Fed has finished interest rate hikes for now and a Bitcoin halving scheduled for next year are also fueling the rally.