Bitcoin Surpasses $47,000 Amid Anticipation of US SEC Approval for Spot ETFs
Summary:
Bitcoin's value exceeded $47,000 for the first time since April 2022, as the deadline for the US SEC's sanction of spot Bitcoin ETFs approaches. Rising from a previous value of $44,000, the cryptocurrency spiked more than 6.5% within 24 hours, and 177% within a year. With the market anticipating the possibility of one or more of the current 14 spot Bitcoin ETFs receiving SEC approval, cryptocurrency proponents remain optimistic. However, the SEC has issued a reminder on the risks of temperamental crypto investments. Despite this, these new products are predicted to attract trillions in the coming years.
For the first time since April 2022, the value of Bitcoin (BTC) has exceeded $47,000, a movement linked to the looming deadline for the United States Securities and Exchange Commission's (SEC) sanction of spot Bitcoin ETFs. The prominent cryptocurrency swiftly rose from a value of $44,000 on Jan 8, experiencing a 6.5% growth within 24 hours, and a whopping 177% within the past year, reaching a peak of $47,284, as shown by CoinMarketCap data. This upward streak comes as the cryptocurrency market anticipates the SEC's approval of any or multiple of the current 14 spot Bitcoin ETF products applications - a decision that Bloomberg analysts speculate could happen as soon as Jan 10.
The last occasion Bitcoin's worth surpassed $47,000 was 20 months ago on April 3, 2022. Bitcoin then soared to a high of $47,458 before tumbling into a prolonged bear market which saw it plummet to as low as $15,600. Trader and crypto analyst Jin recognized the BTC's ability to turn the "21 EMA" into support, stating the primary cryptocurrency is set to reach $48,000 - a prediction reinforced by spikes towards $47,000 that liquidated many short positions.
According to Coinglass data, short-position liquidations for Bitcoin exceeded $76 million on the day, a figure that's still on the rise as we speak. The site also reported more than $112 million in short liquidations across all cryptocurrencies. As news surrounding a spot Bitcoin ETF approval ripple through the market, participants are increasingly optimistic about a continuation of this bullish trend. This sentiment is mirrored by BTC's price reaction to leading BTC ETF competitors launching a fee war to attract customers once approval is cleared.
Coinciding with this, the SEC has reiterated cautions against hasty crypto investments ahead of the expected sanction of spot Bitcoin. Despite warnings, these products are forecasted to bring in inflows totaling in trillions of dollars over the upcoming years. Please note, this post is not investment advice or endorsements. All investment and trading maneuvers carry risk - readers should undertake their own research before making any decisions.
Published At
1/8/2024 10:55:57 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.