Bitcoin experienced a notable surge earlier this week, surpassing the $44,000 mark for the first time since April 2022, indicating a continued upward trend.

The cryptocurrency’s value increased by over 4%, reaching $43,794.99, with a peak at $44,903.45.

This positive movement contributes to Bitcoin’s annual gain of over 160%.

Ether also saw a 1.6% rise, settling at $2,263.76, marking an 88% increase for 2023.

Bitcoin has consistently broken its record highs over the past few weeks, starting from around $34,000 in November and steadily reaching new peaks.

The optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S. has been a key driver of this surge.

Interactions between potential Bitcoin ETF issuers and the U.S. Securities and Exchange Commission, along with feedback incorporation on ETF applications, have bolstered investor confidence.

The general expectation is that a Bitcoin ETF could receive approval in early 2024, based on SEC response deadlines tied to issuers’ filing dates.

The recent settlement between Binance and the U.S. Department of Justice at the end of November is seen as a significant positive development in the regulatory landscape of the cryptocurrency sector, following the post-FTX cleanup.

Investors are also looking forward to the anticipated Bitcoin ‘halving’ event, expected in the spring of 2024.