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On Thursday, Bitcoin (BTC) saw a rapid increase, surpassing $44,000 as it continued its upward trend fueled by expectations surrounding a spot bitcoin exchange-traded fund (ETF) in the United States.
BTC Surpassed $44K
In 2023, Bitcoin has once again established itself as the top-performing asset class, significantly outpacing stocks, bonds, and gold.
Since the start of the year, the price of BTC has risen by more than 150%.
Today, the leading cryptocurrency by market capitalization reached above the $44,000 threshold before experiencing a slight decline. At the time of publication, BTC was trading at approximately $43,735.
The increase in Bitcoin’s value in 2023 can be attributed to a substantial rise in institutional interest, highlighted by BlackRock’s application for a spot BTC ETF in June.
See Also: BlackRock Amends Its Bitcoin Spot ETF To Go Cash
Currently, there are around 13 pending applications, including submissions from Invesco, ARK Invest, Fidelity Investments, VanEck, Franklin Templeton, and the recently added 7RCC.
Experts believe that the Securities and Exchange Commission (SEC) is likely to approve a spot ETF, especially following a court decision in August that deemed the SEC’s rationale for rejecting Grayscale’s ETF application as flawed. Such a product could potentially unlock significant funds currently held in traditional investment avenues.
Recently, it was reported that representatives from BlackRock, Nasdaq, and the SEC convened for the second time within a month to discuss the asset manager’s proposal to list a spot BTC ETF.
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Prior to this, BlackRock had revised its ETF proposal to incorporate cash redemptions, aiming to align with the regulator’s preferences.
Although BTC remains considerably below its all-time high of $69,044 reached during the late 2021 bull market, 2024 is anticipated to be a year of ongoing growth for the leading cryptocurrency.
See Also: ARK Invest Has Amended Its Bitcoin Spot ETF
Is $100,000 Achievable For Bitcoin By Q1 2024
A recent report from Matrixport indicates that Bitcoin could reach $50,000 by the end of January 2024. This forecast is primarily linked to the anticipated approval of Bitcoin ETFs by the SEC.
Matrixport analysts have drawn parallels between the highly anticipated launch of bitcoin spot ETFs and the introduction of bitcoin futures by CME Group and CBOE in December 2017.
At that time, BTC’s price also saw a significant increase, exceeding $20,000 for the first time in the cryptocurrency’s history.
Looking ahead to 2024, prominent analysts have previously stated there is a 90% likelihood of this approval occurring by January 10.
According to Matrixport, a rise to $50,000 is feasible as numerous investors have acquired shares in BTC mining or related stocks as a substitute.
Additionally, the next halving event, which will reduce the new issuance of bitcoin by half, is set for April 2024. Historically, this event has preceded bullish trends in the cryptocurrency market.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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