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Bitcoin (BTC) surpassed $47,100 on Jan. 8, driven by expectations of spot Bitcoin ETF approvals in the coming days.
Bitcoin was priced at $47,162 at 7:15 p.m. UTC. At that time, its market capitalization stood at approximately $918 billion.
This recent high marks daily gains for Bitcoin and other top-ten cryptocurrency assets. Bitcoin (BTC) rose 6.2% over a 24-hour period, while Ethereum (ETH) gained 4.8%. Additionally, Cardano (ADA) increased by 4.6%, Avalanche (AVAX) by 2.6%, Solana (SOL) by 3.8%, and XRP by 2.0%. The broader cryptocurrency market saw a 4.0% increase over the same 24-hour timeframe.
Bitcoin’s current valuation represents a 21-month high, the highest level seen since April 2022. In May 2022, shortly after that previous peak, an extended market crash occurred following the collapse of TerraUSD and various crypto lending services. The market’s long-term price recovery began in January 2024 and has continued through to the present.
Possible ETF approval may be linked to gains
While numerous factors influence Bitcoin’s price, optimism surrounding the likely approval of a spot Bitcoin exchange-traded fund (ETF) appears to be a significant driver.
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CNBC reported at 3:54 p.m. UTC that multiple ETFs are expected to be approved in the coming days, according to two sources close to the matter. The news outlet stated that the funds will likely be approved on Wednesday, Jan. 10, with trading expected to commence on Thursday, Jan. 11, or Friday, Jan. 12.
Additional positive developments regarding ETFs have also emerged. Standard Chartered predicted that Bitcoin ETFs could attract $50 billion to $100 billion in inflows into the crypto market throughout 2024. VanEck purchased $72.5 million worth of Bitcoin to seed its ETF, while Grayscale and other firms entered a “fee war” to offer competitive rates.
SEC Chair Gary Gensler issued warnings regarding Bitcoin investments, implicitly hinting at new crypto products despite his generally negative tone.
Over the past few weeks, the U.S. Securities and Exchange Commission (SEC) has met with asset managers and accepted amendments from applicants, marking important steps toward product approvals.
These events, along with countless others, may have influenced investor sentiment, driving up demand for Bitcoin and, consequently, its market value.
The post Bitcoin Surges Past $47,000 as CNBC Predicts ETF Approval on Wednesday appeared first on CryptoSlate.
