Bitcoin has exceeded the $47 thousand mark for the first time since 2022

Today, the bitcoin exchange rate has reached a level above $47 thousand for the first time since April 2022. There was also an increase in the value of other cryptocurrencies, including Ethereum, Cardano, Solana and Polkadot. Ether grew by about 3.8%, while Cardano, Solana and Polkadot showed gains of 7% to 9%. In addition, shares of companies operating in the field of cryptocurrencies have risen in price.

The surge in market activity is associated with anticipation of the decisions of American regulators expected on January 10. These decisions relate to the updated applications of investment companies to create exchange-traded funds (ETFs) that will allow investors to trade shares directly backed by cryptocurrency.

The growth is also associated with expectations of halving (a reduction in the issuance of new bitcoins and rewards for miners) and a growing interest in cryptocurrencies as a tool for hedging inflation risks – investors fear that inflation in the US economy will remain at a high level and the Fed will not lower its key rate.

The cryptocurrency rally is likely to continue – analysts predict that in the coming days bitcoin may reach the level of $ 50 thousand, and by the end of the year even update its historical maximum of $ 69 thousand. The fact is that the probability of launching an ETF is very high, and most market participants expect the approval of the ETF this week. 

However, the U.S. Securities and Exchange Commission (SEC) is not formally required to explain its decisions and may postpone the review period to March.