According to Coin Metrics, Bitcoin price recently increased more than 4% to $43,794.99, extending the previous day’s rally. At one point, this digital currency traded at 44,903.45 USD, the highest since April 7, 2022.

December 5’s gains pushed Bitcoin up more than 160% for the year. Meanwhile, Ether also increased more than 1.6% on the day, reaching 2,263.76 USD.

In recent weeks, Bitcoin has continuously recorded new highs. Over the weekend, Bitcoin surpassed the $40,000 mark for the first time since April 2022.

The main driver driving Bitcoin price escalation is the expectation of the possible approval of a Bitcoin spot ETF in the US. This information has appeared since this summer. Although the initial rise was not so outstanding, reports of potential Bitcoin ETF issuers meeting with the US Securities and Exchange Commission (SEC) have added to investors’ motivation. Many people believe that there will be a green light for a Bitcoin ETF as early as 2024.

On top of that, the recent settlement between Binance and the US Department of Justice at the end of November is seen by many investors as a major obstacle that needs to be resolved in the process of cleaning up the cryptocurrency industry post-FTX. Investors are also looking forward to the Bitcoin halving event, expected to take place in the spring of 2024. This is an event to create scarcity of Bitcoin by halving the number of new Bitcoins every four years. each miner.