Bitcoin reached a new peak in 2023, surging to $36,864 on Bitstamp. The rally is fueled by anticipation of spot-based Bitcoin ETF approvals, with Bloomberg Intelligence’s James Seyffart suggesting a 90% likelihood of approvals by January 10. The SEC’s history of delaying decisions hints at a strategic setup for multiple Bitcoin ETF launches. Bitwise CIO Matt Hougan predicts massive inflows of over $50 billion in the first five years. However, recent market volatility led to 49,689 trader liquidations totaling $148.42 million, predominantly short positions, emphasizing the high-risk nature of cryptocurrency trading.