ISTANBUL

The price of Bitcoin on Tuesday rose above $45,000, the first time it has hit that level since April 2022.

The increase fueled hopes that the US this year may implement the Bitcoin exchange traded fund (ETF), which would enable investors to purchase products mirroring the price of bitcoin, eliminating the need to have cryptocurrency.

The price of Bitcoin was at $45,838 on Tuesday at 0948GMT, a daily increase of 7.34%, according to US-based Forbes business.

Bitcoin’s competitors also followed suit, with Ethereum – its top challenger – posting a rise of 5.05% to $2,416.38 as of 1000GMT, according to data from the digital asset price-tracking website CoinMarketCap.

The total value of the crypto market was up 6.7% to $1.85 trillion at the time, 50.83% of which belonged to Bitcoin, the data showed.