Bitcoin, the largest cryptocurrency by market value, broke the $45,000 mark this morning and rose to $45,500.
Bitcoin Surges Above $45,000 in Anticipation of US Spot Bitcoin (BTC) ETF Approval
This significant rise is largely attributed to investors' anticipation of the potential approval of spot Bitcoin Exchange Traded Funds (ETFs) in the United States.
According to Reuters news recently, the US Securities and Exchange Commission (SEC) will notify 14 asset managers of the approval result of spot Bitcoin ETF applications today or Wednesday before the January 10 deadline.
Justin d'Anethan, head of APAC business development at crypto market maker Keyrock, commented: “There's not much on the macro side that would lead us to believe this is anything other than a crypto-related dynamic.”
He also added that recent news of Blackrock, Fidelity and other spot Bitcoin ETF applicants confirming the names of brokers that will back BTC operations, including Jane Street, JP Morgan and Cantor Fitzgerald, solidifies the existing narrative that ETFs are here and coming soon.
Matrixport research director Markus Thielen suggested that Bitcoin could rise above $50,000 by the end of this week.
Thielen stated that although there was no increase in money printing activities in Tether, this would indicate crypto inflows from fiat, and rising prices could indicate a lack of sellers in the market, which could lead to higher prices.
Joe Caselin, head of corporate marketing at Seychelles-based crypto exchange BIT, expressed optimism about Bitcoin's prospects, stating that Bitcoin could continue to rise despite the “buy the rumor, sell the news” structure surrounding expected ETF approvals.
At the time of writing this article, Bitcoin was trading at $45,300.
*This is not investment advice.
