Bitcoin has risen above $41,000 for the first time this year as traders anticipate the forthcoming approval of U.S.-stockmarket traded bitcoin funds.
The world’s most popular cryptocurrency hit $41,756.3 on Monday, the data on Investing.com showed. This is its highest since April 2022.
Ether, the coin linked to the Ethereum blockchain network, also hit $2,264.44 on Monday, its highest in one and half years.
Both bitcoin and ether remain well below their record high of more than $60,000 and $4,000 respectively in 2021.
Bitcoin has risen more than 50% since mid October following the reports in October that the U.S. Securities and Exchange Commission won’t appeal a court ruling that found the agency had been wrong to reject an exchange-traded fund which has been seen as the application’s potential approval.
Last week, Bitcoin-investor Microstrategy said that it bought an additional $593 million in bitcoin during November.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.