Bitcoin surpasses $45K for the first time since April 2022

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Bitcoin’s price surpassed $45,000 in 2024 for the first time since April 2022.

According to Reuters, the world’s largest cryptocurrency has seen its fortunes improve as investors wait for the approval of exchange-traded spot bitcoin funds (ETFs). Bitcoin reached a 21-month peak of $45,922, with the currency rising 156% in 2023, its greatest year since 2020. 

“We expect a positive approval, and I wouldn’t be surprised if we see a retracement of lower price levels after the approval before we go up again,” Matteo Greco, analyst at digital asset startup Fineqia International, told Reuters.

According to the survey, growing optimism that central banks would cut interest rates this year has also aided the crypto market’s recovery from industry low points like as the bankruptcy of FTX and other crypto startups in 2022.

Furthermore, Markus Thielen, head of digital asset analysis firm 10x analysis, told Reuters that this year’s presidential election might boost the crypto markets, as it did in 2021, 2016 and 2020.

The announcement comes on the heels of reports last month regarding increased interest in cryptocurrency in the run-up to the SEC’s approval of a bitcoin ETF.