Bitcoin Surges Over 7% to Near $46,000 in Stellar 2024 Kickoff – Excitement Builds for SEC’s Potential Approval of Spot Bitcoin ETFs!
Source: Binance
In the early days of 2024, Bitcoin’s value rose by more than 7%, reaching close to $46,000, its highest point since April 2022. This surge is attributed to growing expectations that the U.S. Securities and Exchange Commission (SEC) might soon approve several spot Bitcoin ETFs. Reports suggest that the SEC could start notifying ETF sponsors this week about their applications getting the green light.
Heavyweights in traditional finance, including BlackRock and VanEck, are in the race, and if approved, this move could trigger increased Bitcoin buying in the coming months. However, opinions vary among market analysts regarding the potential impact of ETF approval.
According to Ryan Lee, chief analyst at Bitget Research, there’s a belief among some crypto trading platforms that even with ETF approval, Bitcoin may not experience an immediate significant rally. On the optimistic side, trader Scott Melker predicts a surge to $54,000 shortly after SEC approval. Matrixport forecasts Bitcoin rising to $50,000 within a month after the ETF passes in January.
As of the latest data, Bitcoin has surpassed $45,000, currently trading at $45,707, according to CoinDesk Indices. Additionally, the broader crypto market is experiencing upward movement, with Ethereum (ETH) up by 4%, and Solana (SOL) and Avalanche (AVAX) showing gains of up to 12%.