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Bitcoin commenced the New Year with a notable surge on Tuesday, surpassing the $45,000 mark for the first time since April 2022. The optimism revolves around the potential approval of exchange-traded spot bitcoin funds, marking a significant development for the world's largest cryptocurrency. Having achieved its highest yearly performance since 2020, Bitcoin recorded a remarkable 156% gain in the previous year, reaching a 21-month high of $45,532. Despite being a distance away from its record high of $69,000 in November 2021, it still exhibited a 3.5% increase, reaching $45,727 as reported by Reuters. Ether, the token associated with the Ethereum blockchain, also saw a positive trend, rising by 2.6% to $2,414 on Tuesday after a 91% surge in 2023. Cryptocurrency stocks, closely tracking the bitcoin price, experienced a surge in US premarket trading after facing losses in the final trading days of 2022. Companies like Riot Platforms, Marathon Digital, and CleanSpark witnessed gains ranging from 11.3% to 14.8%. Coinbase, a US cryptocurrency exchange, saw a 6.3% increase, while MicroStrategy, a software company and bitcoin investor, surged by 9.4%. Investor focus remains on whether the US securities regulator will approve a spot bitcoin ETF, which could potentially attract significant investments and broaden market access. Despite previous denials citing concerns about market manipulation, recent indications suggest a more positive stance, with expectations for a decision on at least some of the 13 planned spot bitcoin ETFs in early January.

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