Bitcoin Surges to $44,000 Amid Optimism Over Spot Bitcoin ETF Approval

Short Traders Lose $90M in One Day as Bitcoin's Price Continues to Climb

Bitcoin's price has surged to $44,000, the highest level since April 2022, amid growing optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin ETF.
Short traders betting against higher Bitcoin prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday.
Bitcoin's recent momentum can be attributed to rising optimism that the SEC will soon approve a spot Bitcoin ETF, a financial product that would allow traditional financial institutions and investors to gain exposure to Bitcoin without holding any cryptocurrency.
Bitcoin's price surge into year-end has been exceptionally encouraging, as it has been accompanied by the highest trading volume it has seen since November 2022.
Bitcoin's rapid ascent to $44,000 comes on the back of roughly 25% gains in the last week.