(MENAFN) Bitcoin's price surged past the USD44,000 mark, propelled by its lengthiest winning streak since May, triggering speculation about investors' growing confidence in the Federal Reserve's potential monetary policy easing. The cryptocurrency experienced a notable uptrend over a six-day period, registering a gain of approximately 16 percent until Tuesday, and continued to strengthen in early Asian trading. Its overall ascent since the commencement of 2023 stands at about 165 percent, showcasing a remarkable recovery from the lows witnessed during the cryptocurrency crisis last year. However, Bitcoin's value saw a marginal dip during trading, reaching USD43,851.

While this current price level remains substantially lower than its 2021 record of about USD69,000, optimism is fueled by the anticipation that the United States might greenlight the launch of the first exchange-traded fund (ETF) directly investing in Bitcoin. The potential approval of such ETFs could broaden the investor base, with major players like BlackRock and Fidelity Investments among the companies seeking licenses to launch cryptocurrency funds. Analysts are optimistic that these funds could receive approval as early as January.

Bitcoin's recent uptick has not only been influenced by ETF expectations but has also allayed concerns about an overly extended rally beyond anticipated limits. Concurrently, the positive momentum in Bitcoin has spilled over to smaller cryptocurrencies, including Ethereum, Avalanche, and Dogecoin, which have also experienced price increases. The cryptocurrency market's dynamics continue to be shaped by a delicate interplay of regulatory developments, investor sentiment, and broader economic factors.

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