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Bitcoin Price Surges to Over $45K as Market Anticipates ETF Approval

Bitcoin Price Surges to Over $45K as Market Anticipates ETF Approval

Key Takeaways

  • Bitcoin's price has surged past $45,000, a peak not reached in nearly two years.
  • The price surge is linked to the anticipation of the expected approval of a spot Bitcoin exchange-traded fund (ETF).

Bitcoin's (BTC) price has recently soared, surpassing the $45,000 mark, a level not seen in nearly two years.

The surge occurs in anticipation of the expected approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).

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The cryptocurrency's value has witnessed a significant climb, jumping from $42,000 on January 1st to over $45,000 on January 2nd, marking an impressive 6% increase in the last 24 hours and a 170% rise over the past year.

This recent peak in Bitcoin's price is notable, surpassing any value it achieved in 2023 and setting a new record at the beginning of 2024. It is worth noting that the last time Bitcoin's price was over $45,000 was nearly 20 months ago, on April 5th, 2022. This was followed by a prolonged bear market, where Bitcoin's value plummeted to as low as $15,600.

The current rise in Bitcoin's value is closely tied to the market's anticipation of the SEC's decision on the 14 pending applications for a spot Bitcoin ETF. However, opinions are divided among market experts regarding the potential impact of an ETF approval on Bitcoin's short-term price.

Crypto options trading platform Greeks.live analysts suggest that the approval of an ETF might not trigger a significant rally in Bitcoin's price, pointing to the decreasing implied volatility.

In contrast, traders are more optimistic. Trader Scott Melkor observes that Bitcoin is forming a "bull pennant" after consolidating around the $40,000 mark for a month. He forecasts that Bitcoin's price could surge to as high as $54,000 following the SEC's potential approval.

On the other hand, VanEck advisor Gabor Gurbacs offers a more cautious perspective, predicting that the initial phase of a spot Bitcoin ETF may be seen as underwhelming by the market.

While the market remains speculative about the immediate effects of a potential ETF approval, the overarching sentiment is one of optimism for Bitcoin's future, with expectations of substantial stability in the long term.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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