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Bitcoin
and other cryptocurrencies were gaining strongly on Tuesday, with the crypto sector kicking off 2024 with a broad-based rally amid expectations that approval of Bitcoin exchange-traded funds will come as soon as this week.
Bitcoin
has jumped 7.4% to $45,668 over the last 24 hours. The largest cryptocurrency climbed past the $45,000 level for the first time in more than a year and broke through the $42,000-$44,000 trading range that it has occupied since early December.
The key driver of the gains is the expected approval of Bitcoin exchange-traded funds by the the Securities and Exchange Commission, a change which is expected to bring billions into the cryptocurrency market.
Reuters, citing sources familiar with the matter, reported that the SEC may notify potential issuers as soon as Tuesday or Wednesday that they have been cleared to launch Bitcoin ETFs the following week
Some analysts have estimated that the approval of ETFs could help bring another $600 billion into crypto funds in the next five years. However, analysts also have predicted that the approval will be a “sell the news” moment for Bitcoin itself after a steep rally over the last 12 months.
Beyond Bitcoin,
Ethereum
—the second-largest cryptocurrency—was rising 5.8% to $2,425. Among smaller cryptocurrencies,
Solana
jumed 14% and
Cardano
was up 5.4%.
Dogecoin
rose 4.5%.
Write to Adam Clark at adam.clark@barrons.com
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