According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 3.77 percent in 24 hours, exceeding $ 1 trillion 540 billion.
The price of Bitcoin, the largest cryptocurrency, has gained more than 5.65 percent in the last 24 hours, driven by rising expectations that the US Securities and Exchange Commission (SEC) will soon approve the Bitcoin spot ETF (exchange-traded fund). Data showing that inflation in the US is slowing also supported the forecasts that the Fed has completed interest rate hikes, which also supported the increase in Bitcoin.
Bitcoin, which was traded at $ 41,688 as of 8:30 a.m. today, reached its highest value since April 2022. Bitcoin's weekly value gain exceeded 11 percent.
Bitcoin has gained more than 50 percent since October 2023, but it is still far from its record level of $ 68,990 in November 2021.
It is noteworthy that the rise in Bitcoin, which started in October, continues with expectations that the US Securities and Exchange Commission will approve ETFs that directly hold Bitcoin, known as spot Bitcoin ETFs.
Risky investments and low interest rates, with expectations that the Fed was coming to the end of the tightening cycle, caused the non-interest-bearing gold to rise sharply.
Analysts see the launch of the spot ETF in Bitcoin as an important step towards greater distribution and acceptance of the digital currency.
Blackrock, the world's largest asset management company, and VanEck, WisdomTree (WT.N), Fidelity, Bitwise, Grayscale Investmens and Invesco have applied to the SEC for a Bitcoin spot ETF.
Bitcoin, which was at an all-time high of $ 68,990 in November 2021, has lost about 39 percent since that date.
Ethereum, which ranks second in terms of market capitalization, has also gained more than 5.45 percent in the last 24 hours, reaching $ 2,254. Etherum broke a record by rising above 4 thousand dollars in 2021.
On the other hand, Bitcoin investor MicroStrategy announced that it bought about $ 600 million worth of Bitcoin in November
