As the year 2023 comes to end, Bitcoin price is following an uptrend, recording an yearly rise of over 140%, monthly gains of 19%, and weekly gains of 11%. Bitcoin’s price has surpassed the $41,500 mark after almost one and a half years, leading investors to anticipate a bull market in the early 2024.
Bitcoin’s price is continually on the rise for the entire month of November, 2023, caused by one after the other positive market news in the industry. Let us delve deep into the crypto market performance and understand why Bitcoin price is up today.
Potential for Bitcoin Spot ETFs Approval
The entire market is eagerly waiting for the approval of Bitcoin spot ETFs in the early 2024. The high possibility of Bitcoin spot ETF approvals is the major reason behind investors flocking to Bitcoin.
Bloomberg analyst James Seyffart posted on X stating that the SEC narrowed the timeline to the upcoming Jan 5 – Jan 10 to announce if it’s going to approve or reject all the 13 BTC spot ETFs.
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