Bitcoin price surpasses $40,000 as rally continues

A single Bitcoin BTC + is worth more than $40,000 for the first time since April 2022 following a price rally of nearly 9% since Nov. 27, according to The Block's Price Page . The rest of the cryptocurrency market has also rallied in recent days, with the total market cap for cryptocurrencies up 1% in the past day. 

Bitcoin's recent rise has been fueled by industry-wide anticipation of spot Bitcoin ETFs, which trade Bitcoin at its real-time price, widely expected to be approved in the coming months. Analysts said the SEC's recent request for comment from the public may show the agency is on an accelerated timeline when it comes to Bitcoin ETF approval. 

The SEC has yet to approve a Bitcoin ETF, despite filings from major asset managers including BlackRock, Fidelity, 21Shares Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton. Swiss asset manager Pando Asset was the latest firm to file an S-1 form with the SEC, seeking approval for a spot Bitcoin ETF.