SINGAPORE: Bitcoin galloped past $45,000 on Tuesday, for the first time since April 2022, as the world’s biggest cryptocurrency started the new year with a bang, buoyed by optimism around the possible approval of exchange-traded spot bitcoin funds.

Bitcoin touched a 21-month peak of $45,922, having gained 156 per cent last year in its strongest yearly performance since 2020. It was last up 3.1pc at $45,509 but remains far off the record high of $69,000 it hit in November 2021.

The No 2 cryptocurrency ether was 1.2pc higher at $2,386.50 on Tuesday, having surged 91pc in 2023.

Crypto stocks, which mirror bitcoin price moves, surged, with Riot Platforms, Marathon Digital and CleanSpark gaining between 7pc and 10pc after sharp falls in the last trading day of 2023.

Software firm and bitcoin inve­stor MicroStrategy added 13.4pc, while ProShares Bitcoin Strategy ETF, which tracks bitcoin futures, added 7.8pc.

Published in Dawn, January 3rd, 2024