Bitcoin price breaks past $39,000, bolstered by ETF hype

The price of Bitcoin has risen past $39,000 for the first time since April 2022, highlighting continued industry-wide anticipation of potential upcoming exchange-traded products, Report informs via The Block.

Bitcoin's price has risen about 1.5% in the last 24 hours to its current value of approximately $39,300, according to The Block's Price Page. The volatile cryptocurrency's price momentarily peaked above $39,500 before mildly retreating.

Anticipation for Bitcoin spot ETFs (exchange-traded funds) has driven the largest crypto fund inflows in two years, according to CoinShares.

In addition to ETF excitement, a MatrixPort analyst recently called Bitcoin's rise above $40,000 "inevitable" following Binance's record settlement. The recent election of Argentinian President Javier Milei also led Bitcoin's price to approach record highs for Bitcoin in that country.