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As of Tuesday, the largest digital asset has experienced a six-day consecutive surge, with an approximately 16% increase. In Wednesday’s early Asia session, there was consolidation in the market. The rebound in 2023 has seen a remarkable 165% increase since the significant cryptocurrency slump last year.

This rebound is closely tied to the possibility of the United States allowing the first physically-backed Bitcoin exchange-traded fund (ETF), potentially broadening Bitcoin’s investor base. BlackRock and Fidelity are awaiting the results of their applications, with some analysts predicting approval as early as January 📅.

However, since June, asset management companies have been applying to launch Bitcoin ETFs, keeping the focus on Bitcoin. Some are now wondering whether the recent surge in the token is more associated with bets on the Fed cutting interest rates next year.

Tony Sycamore, a market analyst at IG Australia Pty, stated that Bitcoin’s high volatility and rapid rise serve as a reminder that cryptocurrencies are “more sensitive to shifts in the Fed’s stance and policies than other asset classes” 📊.

As of 10:16 Singapore time, Bitcoin remains relatively stable at $43,851, still about $25,000 lower than the record high of nearly $69,000 set in 2021 📉.

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