The value of Bitcoin (BTC) has surpassed $45,000 for the first time in almost two years. This uptick comes as the market anticipates the imminent approval of a spot Bitcoin exchange-traded fund (ETF) in the coming days.
Bitcoin experienced a swift ascent, rising from $42,000 on January 1 2023. Over the past 24 hours, it surged by over 6%, and in the last year by 170%.
Bitcoin Price in the Last 24 HrsBitcoin has not traded above $45,000 for almost 20 months, with the last instance occurring on April 5, 2022. On that day, Bitcoin concluded trading at $45,241, marking the beginning of a prolonged bear market.
During this period, Bitcoin’s value plummeted to as low as $15,600.
The surge in Bitcoin’s price coincides with the market’s anticipation of the SEC approving several pending applications for a spot Bitcoin ETF product. These applications are currently awaiting a decision from the regulatory body.
The U.S. Securities and Exchange Commission is said to potentially inform the asset managers about the approval of their spot Bitcoin ETF applications by January 3 or 4 2023, preceding the January 10 2023 deadline.
REMINDER
The SEC may notify issuers of spot Bitcoin ETFs as early as TOMORROW [January 3 2023] that they have been cleared to launch for the following week. #Bitcoin pic.twitter.com/2x9bY8y63E
— BitKE (@BitcoinKE) January 2, 2024
Below is the list of applicants:
- Blackrock
- Grayscale
- Bitwise
- WisdomTree
- Invesco Galaxy Bitcoin ETF
- Valkyrie Investments
- Ark Invest
- VanEck
- Fidelity (Wise Origin Bitcoin Trust)
- NYDIG/Stone Ridge
- Hashdex Bitcoin ETF
- Franklin Bitcoin ETF
- Pando Asset Spot Bitcoin Trust
- Global X Bitcoin Trust
- 7RCC Spot Bitcoin and Carbon Credit Futures ETF
An ETF (exchange-traded fund) is a publicly traded investment instrument designed to mirror the value of an underlying asset. In the context of a Bitcoin ETF, the underlying asset being tracked is Bitcoin itself.
The intricacies associated with exchanges, crypto wallets, and private keys are seen as obstacles for newcomers entering the cryptocurrency space. The introduction of a Bitcoin ETF would provide these investors with the opportunity to access Bitcoin exposure without the necessity of directly managing their own cryptocurrency holdings.
While ProShares’ Bitcoin futures ETF launched on the New York Stock Exchange in October 2021, the regulator has been reluctant to approve a spot Bitcoin ETF that tracks Bitcon’s real-time price, rather than through futures contracts.
However, since previous rejections, current applicants have sustained engagements with the SEC for many months now driving up excitement in the crypto markets.
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