In a remarkable rally, the price of Bitcoin has surged past the $41,500 mark, fueled by a confluence of fIn a remarkable rally, the price of Bitcoin has surged past the $41,500 mark, fueled by a confluence of factors, from market expectations for a Bitcoin spot ETF to broader financial trends. Here is a detailed breakdown of the key reasons behind the rally: The buzz surrounding the approval of a Bitcoin spot ETF is perhaps the most important driver behind the recent rally. While there has been no concrete update, the market’s expectations are clear, with the FOMO effect in play. Last week, Bloomberg analyst James Seyffart suggested that a spot ETF is likely to be approved between January 8 and 10, causing the market to react. Prominent Bitcoin analyst Willy Woo echoed this expectation with the following statement: "We are likely on the cusp of a Bitcoin spot ETF. The first commodity ETF was the SPDR Gold Trust. It provided a simple way for investors to gain exposure to gold in their portfolios. When it launched, gold had an eight-year winning streak with no down years between 2005 and 2012."
