Bitcoin Starts 2024 with a Jump above $45,000
BITmarkets Team
Jan 02, 2024
For the first time in almost two years, the price of Bitcoin (BTC) has surpassed $45,000 as the market gets ready for the widely anticipated approval of a spot Bitcoin exchange-traded fund (ETF).
According to CoinMarketCap data, the price of Bitcoin shot up quickly from $42,000 on January 1st, rising more than 6% in the previous day and 170% in the previous year.
Just two days into 2024, Bitcoin is trading at a higher price than it did in 2023, marking a notable high for the asset.
The market is preparing for the SEC to possibly approve one or more of the 14 pending applications for a spot Bitcoin ETF product, which is currently awaiting a decision from the regulator. This is why Bitcoin's price performance has occurred.
According to Melkor, Bitcoin might surge as high as $54,000 in the days that follow the SEC's possible approval.
The early stages of a spot Bitcoin ETF, according to VanEck advisor Gabor Gurbacs, will be viewed as a "letdown" by larger market norms. But in the end, over the next few years, the products will draw inflows valued at trillions of dollars.
Sources:
https://cointelegraph.com/news/bitcoin-btc-price-breaks-above-45k-excitement-over-etf-approval
