SEC decision drives Bitcoin upwards
Bitcoin climbs to 45,000 dollars within a year. This almost triples its value compared to last year. And it could go even higher. Investors are hoping for the approval of a fund that will allow them to invest in the cryptocurrency via the stock exchange.
The digital currency Bitcoin has risen above the USD 45,000 mark for the first time since April 2022. Most recently, one Bitcoin cost 45,200 dollars (41,000 euros) on the Bitstamp trading platform, around seven percent more than before the long weekend.
The price is being driven by an eagerly awaited decision by the US Securities and Exchange Commission (SEC). The SEC is currently examining a new fund that would invest directly in Bitcoin. If the fund is approved, it would be the first spot ETF denominated in Bitcoin. Experts expect investor interest to increase significantly as a result.
A Bitcoin ETF would track the price of the cryptocurrency. This would make investing in the currency much easier, as consumers could then invest without having to buy bitcoins directly. The US Securities and Exchange Commission has until January 10 to decide on the fund. Speculation about such an approval has been driving the price of Bitcoin since mid-October. Since then, it has risen by around two thirds.
The prospect of key interest rates from the US and eurozone central banks falling again soon also provided a tailwind. With the latest price surge, Bitcoin has regained a market value of almost 890 billion dollars. Despite the recent price gains, Bitcoin is still a long way from its record high. This was set in November 2021 at just under 69,000 dollars.
Just over a year ago, Bitcoin had slipped below the USD 16,000 mark. At that time, turbulence on the crypto market in connection with the FTX crypto exchange triggered a price slump.
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The SEC's potential approval of a Bitcoin-backed ETF has sparked optimism among investors, leading to a significant increase in Bitcoin's value. Cryptocurrencies, with Bitcoin leading the charge, have shown resilience and potential for further growth.
Source: www.ntv.de
