In an outrageous start to the year 2024, Bitcoin (BTC) has stormed past the $45K mark. The market is riding high due to the expected approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in the coming days.
Quick Take:
- Bitcoin (BTC) crosses $45K amid expected spot BTC ETF approval.
- The US SEC is expected to decide on one or several spot BTC ETF applications by January 10.
- Indicators suggest that BTC could cross $50,000 in the coming days.
- Huge inflows in spot ETFs and Bitcoin halving could make 2024 the year of the crypto bull market.
Bitcoin (BTC) has taken the limelight with a sharp move in the green zone. Within a day into the new year, the biggest cryptocurrency in the world has touched a high of over 20 months. The token went up from $42,000 to $45,000 within a day, marking a 6.85% increase.
At the time of writing, the coin is trading over $45,400 with a market cap of $889 billion. The market dominance of Bitcoin is 50.9%, followed by Ethereum at 16.5%.
As compared to the same time last year, Bitcoin (BTC) has grown by a significant 170%. This is a great start for the token in 2024, setting it up for a memorable year. The global crypto community also hopes to witness a bull run for the ages, and this start to the new year could not get any better for them.
Is Spot Bitcoin ETF Approval on Cards?
Experts believe that the US SEC will approve spot Bitcoin ETF applications within the next week, as the deadline of January 10 looms over their heads. The hype of this expected decision is causing BTC to fly high. However, there is no official confirmation so far.
It is reported that the US SEC might notify the applicants if it approves their applications by Tuesday or Wednesday this week. Therefore, we are in for a rollercoaster ride in the crypto space for at least the first ten days of the new year.
There are a total of 14 pending spot Bitcoin ETF applications in front of the SEC. Many applicants recently edited and re-filed their applications after addressing concerns raised by the SEC. Nonetheless, the market expects the SEC to make a decision on several applications at once.
Moreover, spot BTC ETF applicants are currently naming the brokers on board to back their Bitcoin operations. These include some big names, like J.P. Morgan and Jane Street. All of these developments are setting the narrative that spot Bitcoin ETFs are well on their way.
Can Bitcoin (BTC) Touch $50,000 Within This Week?
Analysts predict that Bitcoin (BTC) could make its way to the $50K mark earlier than expected. Some of them even expect it to reach the mark by the end of this week, and they have a handful of reasons to support their argument.
It is believed that the number of sellers in the market is shrinking as people are looking to buy and hold, which will lead to a further price increase for BTC. Moreover, the Bitcoin funding rate is touching new highs, showing signs of long-term investments in the market.
The crypto market is often seen following the “buy the rumor, sell the news” setup. However, experts believe that Bitcoin can continue to shine in the long run even if there is a sell-off soon after the approval of ETFs. Plus, the Bitcoin halving event is also set to reduce the supply, so we are in for a very bullish 2024.
People can have varying comments and opinions on the short and long-term performance of Bitcoin (BTC) after the ETF approval, but it is expected to attract inflows of trillions of dollars in the next few years. Therefore, that would be a big win for the crypto industry.
