Bitcoin above $44,000 for 1st time since April 2022

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin saw its price climbing above the $44,000 level for the first time since early April 2022 with optimism that Bitcoin exchange-traded funds (ETFs) would get approval in the US.

Price of Bitcoin, the world's biggest cryptocurrency, jumped to $44,428 around 2215GMT on Tuesday, a level that has not been seen since April 6, 2022 when it had seen a massive 5.1% daily decline.

Ethereum, the world's biggest altcoin by market value, also rose to as much as $2,310 during the day, marking its highest level since May 11, 2022 when it had plummeted 11.2% that day.

The recent rally is the result of optimism that spot Bitcoin ETFs would get regulatory approval in the US early next year and hopes that the Federal Reserve would soon end its monetary policy tightening and begin cutting interest rates sometime in mid-2024.

On Wednesday, Bitcoin was trading around $44,100 with a 4.6% daily increase at 1455GMT, while Ethereum was at $2,255 for a gain of 1.8%.

Some altcoins saw their prices rising as much as 20% in the past 24 hours, according to data from the digital asset price-tracking website CoinMarketCap.

The total value of the crypto market was up 3.6% to $1.6 trillion at the time, while Bitcoin's share of the crypto market, known as dominance, was at 54%, showed the data.