For the first time since April 2022, the price of bitcoin rises above $45,000

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For the first time since April 2022, the price of bitcoin  increased by over 6% and crossed the $45,000 mark. The largest cryptocurrency in the world, Bitcoin, increased to $45,386 earlier in the day, a 21-month high. As of right now, it was up 6.43% at $45,317.67. In the larger cryptocurrency market, other tokens saw increases as well. For example, ether (ETH) increased 3.8%, Solana (SOL) gained over 7%, and Cardano gained over 5%.  

 The rally in Bitcoin price comes on expectation that the US Securities and Exchange Commission (SEC)  will approve the launch of a spot bitcoin Exchange-Traded Fund (ETF).

As per a report, the SEC is required to either approve or reject the Ark/21Shares ETF by January 10. The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week.

The asset management companies hoping to be among the first to win regulatory approval to launch spot Bitcoin ETFs updated their filings with the SEC on Thursday and Friday, as market participants said a decision from the regulator may be imminent. 

BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments and a joint venture between Ark Investments and 21Shares had all submitted new documents with regulators spelling out details of the arrangements each has made with their marketmakers to ensure trading is liquid and efficient.

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