BTC tops $47k as CNBC predicts Wednesday Bitcoin ETF approval

cyptouser3 months agoCryptocurrencies News46

The price of Bitcoin (BTC) surpassed $47,100 on Jan. 8 amidst expectations of spot Bitcoin ETF approvals over the coming days.

Bitcoin was priced at $47,162 at 7:15 p.m. UTC. At the time, its market cap is roughly $918 billion.

The latest high represents daily gains for Bitcoin and other top-ten crypto assets. Bitcoin (BTC) is up 6.2% over 24 hours, while Ethereum (ETH) is up 4.8% over the same period. Additionally, Cardano (ADA) is up 4.6%, Avalanche (AVAX) is up 2.6%, Solana (SOL) is up 3.8%, and XRP is up 2.0%. The entire cryptocurrency market is up 4.0% over a 24-hour period.

Bitcoin’s current value represents a 21-month high not seen since April 2022. In May 2022, shortly after that previous high, an extended market crash occurred following collapse of TerraUSD and various crypto lending services. The market’s long-term price recovery began in January 2024 and has continued until today.

Possible ETF approval may be linked to gains

Though numerous factors affect Bitcoin’s price, optimism around the likely approval of a spot Bitcoin exchange-traded fund (ETF) may be one factor.

CNBC, notably, reported at 3:54 p.m UTC that multiple ETFs are expected to be approved in the coming days based on two sources close to the matter. The news outlet said that the funds will likely be approved on Wednesday, Jan. 10 and that trading will likely begin on Thursday, Jan. 11, or Friday, Jan. 12.

Other positive news around ETFs has also emerged. Standard Chartered predicted that Bitcoin ETFs could bring $50 billion to $100 billion of inflows into the crypto market throughout 2024. VanEck bought $72.5 million of Bitcoin to seed its ETF, while Grayscale and other companies entered a ‘fee war’ to offer competitive rates.

SEC Chair Gary Gensler warned about Bitcoin investments, implicitly hinting about new crypto products despite his negative tone.

Previous weeks have seen the U.S. Securities and Exchange Commission (SEC) meet with asset managers and accept amendments from those applicants, which are important steps toward product approvals.

Any of those events and countless others may have affected investor sentiment, driving up demand for Bitcoin and, in turn, its market value.

BTC Price & Market Data

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 6.09% over the past 24 hours. BTC has a market capitalization of $919.75 billion with a 24-hour trading volume of $42.53 billion. Learn more about BTC ›

Bitcoin

8 Jan at 9:27 pm UTC

$46,942.38

6.09%

BTCUSD Chart by TradingView

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.73 trillion with a 24-hour volume of $87.67 billion. Bitcoin dominance is currently at 53.20%. Learn more ›

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

PayPal registered to offer crypto services in the UK, with restrictions

Payment giant PayPal has successfully registered with the United Kingdom’s Financial Conduct A...

Coinbase secures virtual asset service provider status in France

Coinbase has registered to provide cryptocurrency services in France, according to an announcement f...

Bitcoin lacks support above $60K, chart shows as BTC price halts gains

Bitcoin lacks support above $60K, chart shows as BTC price halts gains

25cc9d4a˃Bitcoin (BTC) swapped gains for consolidation at the March 26 Wall Street open as BTC price...

Ethena’s USDe Bitcoin collateral exceeds $500 million in a week

Bitcoin collateral for Ethena’s USDe synthetic dollar has exceeded $500 million less than a week aft...

Blackrock responds to SEC comments with 2 minor updates to filing

Following last night’s news that the SEC had responded to several applicants for a spot Bitcoin ETF...

Binance executive reportedly escapes detention in Nigeria

25cc9d4a˃A Binance executive detained in the tax evasion case by the Nigerian authorities has report...