The cryptocurrency has risen more than 6% in the last 24 hours and 170% in the last year, according to data from CoinMarketCap. This comes amid expectations that the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund by january 10. This fund aims to streamline regulated and direct investment processes, as well as ensure investor protection and market integrity.

Several financial and cryptocurrency experts have given their opinion on this news, the comments are divided between positive and negative; such is the case of the analysts of the crypto options trading platform Greeks.live who, claim that bitcoin will not have such a big rally, the day of the approval, due to the decrease of the implied volatility in bitcoin options.

However, trader Scott Melker told his 925,000 followers that bitcoin could reach USD$54,000 in the next few days in the face of possible approval by the Securities and Exchange Commission (SEC).

For the time being, the SEC's response to the creation of the Bitcoin exchange-traded fund is still awaited.

Despite the various comments Bitcoin is trading above any price reached in 2023 and marks a significant new annual high for the asset just two days into 2024.

Translated by: A.M