Bitcoin
has
extended
its
year-long
rally
overnight,
pushing
past
$42,000
(£33,119)
for
the
first
time
since
April
2022.
The
price
of
bitcoin
was
at
$41,409.53
early
Monday,
but
touched
a
session
high
of
$42,140.09
ahead
of
that,
according
to
CoinDesk
data.
The
cryptocurrency
is
up
more
than
13%
over
the
past
month
and
up
more
than
130%
year
to
date,
amid
anticipation
that
regulators
will
soon
approve
a
bitcoin
exchange-traded
fund
(ETF).
The
Securities
and
Exchange
Commission
is
expected
to
make
its
decision
by
January
10.
The
agency
has
rejected
spot
bitcoin
ETF
applications
in
the
past,
but
experts
predict
a
different
outcome
this
time,
as
the
regulatory
mood
appears
to
be
shifting.
Still,
the
price
of
bitcoin
is
down
more
than
40%
from
its
all-time
high
in
2021.
Last
week,
Anthony
Rousseau,
the
head
of
brokerage
solutions
at
TradeStation,
told
MarketWatch
that
bitcoin
is
setting
up
to
hit
a
new
high
in
2024,
thanks
to
the
expected
ETF
approval
and
a
halving
event
likely
coming
in
April.
Bitcoin
hit
new
highs
after
three
previous
halvings.
In
November,
AllianceBernstein
analysts
said
bitcoin
could
soar
to
as
high
as
$150,000
in
2025,
as
it
rides
a
new
bull
cycle.
Other
cryptocurrencies
rode
bitcoin’s
coattails
higher,
including
ethereum
(ETHUSD),
Bitcoin
Cash
(BCHUSD)
and
Litecoin
(LTCUSD).
By
Mike
Murphy
Barbara
Kollmeyer
contributed
to
this
report
This
content
was
created
by
MarketWatch,
which
is
operated
by
Dow
Jones
&
Co.
MarketWatch
is
published
independently
from
Dow
Jones
Newswires
and
The
Wall
Street
Journal
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