Bitcoin Soars Near Two-Year High After Approval of Its Exchange-Traded Funds

The dollar dipped in Asia on Thursday as traders awaited U.S. inflation data, seeking clues about the path the Federal Reserve will take this year.

Bitcoin surged to $46,400, nearing its highest level in two years, as investors welcomed the long-awaited U.S. approval for the creation of immediate trading funds for the cryptocurrency.

This move opens the door for institutional buying, a move that had been anticipated for months, resulting in a 70% increase in the currency since mid-October.

The Australian and New Zealand dollars both rose by about 0.3% to $0.6721 and $0.6294, respectively. However, movements remained within a narrow range ahead of the expected U.S. inflation data at 13:30 GMT.

The euro gained 0.1% to $1.0979, while the British pound rose 0.2% to $1.2767.

The dollar index fell 0.1% to 102.23.

Following sharp gains on Wednesday, the dollar declined by 0.3% to 145.39 yen.

The drop in the dollar helped the Chinese yuan recover from its one-month low to 7.1621 to the dollar.

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