BTC surges above $45,000 as market anticipates ETF approval.
Key Takeaways
- The price of Bitcoin surged past $45,000, its highest level not reached in nearly two years.
- The price surge is linked to expectations of the anticipated approval of a spot Bitcoin exchange-traded fund (ETF).
The price of Bitcoin (BTC) recently surged and surpassed $45,000.It is a level not seen in almost two years.
The surge occurs in anticipation of: Spot Bitcoin exchange-traded fund (ETF) expected to be approved By the U.S. Securities and Exchange Commission (SEC).
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The value of cryptocurrency is has seen a significant riseIt jumped from $42,000 on January 1st to over $45,000 on January 2nd. An impressive 6% increase in the last 24 hours. It increased by 170% compared to last year.
The recent highs in Bitcoin price are noteworthy, surpassing any value achieved in 2023. New record set in early 2024. What’s worth noting is The last time Bitcoin price was above $45,000 was almost 20 months ago.It was April 5, 2022. Then a long-term bear marketBitcoin value fell to $15,600.
The current rise in Bitcoin value is closely tied to market expectations about the SEC’s decision. 14 pending applications for spot Bitcoin ETFs. However, opinions are divided among market experts. Potential Impact of ETF Approval on Bitcoin Short-Term Price.
Cryptocurrency options trading platform Greeks.live analysts say ETF approval It may not trigger a major rebound in Bitcoin priceThis indicates that implied volatility is decreasing.
In contrast, Traders are more optimistic. merchant Scott Melkor observes that Bitcoin is forming a “bullish run” after consolidating around $40,000 levels for a month. He predicts: Bitcoin price could soar to $54,000 Subject to potential approval by the SEC.
VanEck advisor Gabor Gurbacs, on the other hand, takes a more cautious view, predicting that the initial stage of the spot Bitcoin ETF could be viewed as disappointing by the market.
While the market is still speculating about the immediate effects of a potential ETF approval, the overall sentiment is one of optimism about Bitcoin’s future and expects significant stability over the long term.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
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