Bitcoin Price Breaks 45K Ahead of BTC ETF Approval; What Next?
Bitcoin gave a new year’s present to the crypto market as it surged beyond the 45K level. It was the first time in 2 years gap. However, this surge could result from the approval of the first spot Bitcoin ETF in the US.
As per the data of Coingecko Bitcoin was last at the price of 45K on April 5, 2022, and from there it tanked to the low of $15,742 on November 9.
At the time of writing, Bitcoin’s price is at $45,440.07 with an increased market cap of 7.39% and volume of 52.72%. The 24-hour volume of BTC is $25.542 Billion and the market cap is 889.62 Billion.
Source: Tradingview
As per trading view data, the BTC price is surging rapidly from $42K on January 1 and climbed more than 6%. Moreover, its price surged more than 172% over the last year, 14.67% over the last month, and more than 7% in intraday.
Furthermore, breaking the $45,000 barrier shows the confidence of the traders and investors, as it is a psychological resistance level.
Will Bitcoin Make an All-Time High In 2024?
In 2023, Bitcoin outperformed all other traditional assets, such as gold and fixed deposits. It gave more than a 150% return to its investors. This year, BTC is also looking strong, as two significant events are on the horizon. The first one is the approval of spot Bitcoin ETFs, which are exchange-traded funds that track the price of BTC directly.
The second one is the fourth BTC halving, which is a process that reduces the supply of new Bitcoins by half every four years. The crypto community is looking optimistic about these events.
These events are expected to boost the demand and price of Bitcoin, as well as attract more institutional and retail investors to the crypto market.
In addition, these events will act as catalysts for the bull market. Moreover, the market is looking extremely bullish regarding the upcoming spot ETF and some experts speculate that the ETFs will bring about market inflows of approximately $30 trillion in advised wealth in the upcoming years.
The US Securities and Exchange Commission is expected to approve the first spot Bitcoin ETF soon after many previous attempts by various companies were denied. The applications of giants like BlackRock, Fidelity, VanEck, WisdomTree, and others could be the reason for this change.
According to Reuters, the SEC was ready to approve the first spot Bitcoin ETF in the US. The report cited sources who said that the SEC officials had given the green light for the approval next week and that they would notify the filers on January 9 or 10, 2024.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your own circumstances and risk tolerance before making any investment decisions.
