Bitcoin prices started to rise gradually in October before breaking above the US$40,000 level in late November — the first time since April 2022. Although this is due to many factors, one main reason cited by many is the possible US listing of a Bitcoin spot ETF, which could be approved as early as January.
Following last year’s industry setbacks, the cryptocurrency sector witnessed another year of ongoing prosecutions, bankruptcies, and security breaches. Despite negative headlines dominating the news this year, the crypto industry appears to have regained momentum fueled by positive developments. The potential introduction of Bitcoin spot exchange-traded funds (ETFs) also provides investors with optimism, signalling a move toward greater mainstream acceptance of digital assets.
Coming from a year of underperformance, Bitcoin started this year at a mere US$16,605 ($22,263) apiece, over 64% lower than the price it fetched at the beginning of 2022. As a small return of confidence occurred when the traditional financial systems were reeling from a series of shocks in the middle of the year, Bitcoin saw its price break above the US$30,000 level on July 14 before plateauing at around US$26,000 until October.
