In December 2023, Bitcoin's price surged to nearly $45,000, marking a 170% rise over its value at the beginning of that year. This sudden rise was attributed to the hope for approval of a Bitcoin Spot ETF by the US Securities and Exchange Commission (SEC). Bitcoin Spot ETFs are designed to assist new or risk-averse investors in Bitcoin by providing a more approachable method of investment. This surge was celebrated by crypto enthusiasts despite the prior fall in Bitcoin prices, which was attributed to the collapse of the crypto exchange platform FTX and a crisis in the US banking system. Bitcoin's limited availability, with only 21 million to be fully mined by the year 2140, also contributes to its perceived value.