Bitcoin surpasses critical level

The price of the cryptocurrency Bitcoin is trading above 45 thousand dollars, driven by an increase in risk appetite in global markets and continued interest in spot Bitcoin exchange-traded funds (ETFs).

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According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 4.6 percent in 24 hours, surpassing 1 trillion 703 billion dollars.

The price of Bitcoin, the largest cryptocurrency, has gained more than 5 percent in the last 24 hours as investments in spot Bitcoin ETFs have continued to rise for 9 consecutive days.

Expectations that major central banks will begin lowering interest rates this year and shift toward a more supportive monetary policy are also fueling the rise in Bitcoin.

Trading at 45 thousand 300 dollars as of 19:10 TSI today, Bitcoin has reached its highest value since January 11. Bitcoin's weekly gain has exceeded 6.3 percent.

IT GAINED 157 PERCENT IN VALUE LAST YEAR

Bitcoin has gained more than 70 percent in value since October 2023, but it remains far from its record high of 68 thousand 990 dollars in November 2021. Bitcoin's price gained approximately 157 percent in value last year. Analysts point out that the upward momentum in the cryptocurrency's price may continue due to the halving process, which will take place in April and reduce the supply of new Bitcoin.

Ethereum, which ranks second in terms of market value, also gained 2.7 percent in the last 24 hours, reaching the 2 thousand 441 dollar level. Ethereum also broke a record in 2021 by climbing above 4 thousand dollars.

The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.

News Source: 12punto