With a recent spike beyond $44,000, Bitcoin has reached its highest value since April 2022, accelerating its upward trend. With a gain of more than 4%, the price of the cryptocurrency hit $43,794.99; at one time, it went as high as $44,903.45. This move is in line with a pattern of increasing hope for the US government to approve a spot bitcoin exchange-traded fund (ETF).

With a rise of more than 160% for the year, Bitcoin has had an amazing performance thanks to its recent increases. The expectation and euphoria surrounding the possible establishment of a spot bitcoin ETF in the United States have been the primary driver of the cryptocurrency’s significant increase since the summer.

ETF Hope Boosts Excited Wave

One of the main factors propelling Bitcoin’s rise has been the increasing confidence surrounding the possibility of a spot Bitcoin ETF approval. The U.S. Securities and Exchange Commission (SEC) and possible bitcoin ETF issuers have reportedly met, and these reports, together with comments made on the applicants’ ETF applications, have increased investor confidence. Based on the SEC’s response timelines, which are established by the dates of issuers’ application filings, analysts predict that a Bitcoin ETF will be approved early in 2024.

Regulatory Developments and Post-FTX Cleanup
In the aftermath of FTX, the settlement reached at the end of November between Binance and the US Department of Justice is seen as a major turning point in the industry’s cleanup. Investors see this settlement as a step in the right direction toward a more stable and regulated cryptocurrency landscape.

Hopes for a Bitcoin Halving

The anticipated halving of Bitcoin in the spring of 2024 is another event that investors are anticipating. In the past, the bitcoin price performance has been impacted by the halving event, which entails halves the mining earnings. Halvings of the bitcoin supply have been linked to higher market demand and more scarcity.

Conclusively, the fact that Bitcoin has surpassed the $44,000 barrier is a noteworthy milestone, and the cryptocurrency’s strong performance in 2023 can be attributed to regulatory changes, confidence surrounding ETF certification, and the impending halving.