Bitcoin’s upward trajectory continued on Monday, with the cryptocurrency soaring above 41,700 hours after hitting $40,000 on Sunday afternoon.
According to data from CoinGecko: bitcoin price It’s currently just over $41,600, up 5.6% on the day and more than 11% on the week. Just a year ago, the price of Bitcoin was just under $17,000, and last year the price of the cryptocurrency soared more than 144%.
Bitcoin’s rally has helped the price reach levels not seen since April 2022, pushing the market capitalization of all cryptocurrencies to $1.61 trillion, up 3.6% in the past 24 hours.
The surge in Bitcoin prices led to the liquidation of more than $166 million in short-term derivatives positions in the past 24 hours, according to data from CoinGlass.
Bitcoin price movements over the weekend appear to be linked to renewed enthusiasm over the U.S. Securities and Exchange Commission’s (SEC) possible approval of a spot Bitcoin exchange-traded fund (ETF).
In recent weeks, regulators have met with applicants including Grayscale and BlackRock to discuss revisions to their applications, with analysts focusing on three key dates in January that will open a window for the SEC to approve multiple applications simultaneously.
Bloomberg Intelligence analysts have projected a 90% chance that the SEC will approve a Bitcoin ETF in January, sparking renewed optimism from everyone from Coinbase CEO Brian Armstrong to JP Morgan analysts.
Of course, the SEC may deny any or all of the pending applications. So far, it has rejected every single-point Bitcoin ETF application that crosses its desk.
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