Bitcoin price surges above $45,000 for first time since April 2022 on ETF approval hopes

22 views 7:25 am 0 Comments January 8, 2024

Bitcoin price surged over 6% to break above $45,000 on Tuesday for the first time since April 2022. The world’s biggest cryptocurrency Bitcoin rose to touch a 21-month high of $45,386 earlier in the day and was last up 6.43% at $45,317.67.

Other tokens in the broader crypto market also traded higher, with ether (ETH) rising 3.8%, Solana (SOL) gaining over 7% while Cardano up over 5%.

The rally in Bitcoin price comes on expectation that the US Securities and Exchange Commission (SEC) will approve the launch of a spot bitcoin Exchange-Traded Fund (ETF).

As per a Reuters report, the SEC is required to either approve or reject the Ark/21Shares ETF by January 10. The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week.

The asset management companies hoping to be among the first to win regulatory approval to launch spot Bitcoin ETFs updated their filings with the SEC on Thursday and Friday, as market participants said a decision from the regulator may be imminent.

BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments and a joint venture between Ark Investments and 21Shares had all submitted new documents with regulators spelling out details of the arrangements each has made with their marketmakers to ensure trading is liquid and efficient, Reuters reported.

The issuers that met their end of the year filing revision deadlines may be able to launch by January 10, the report said quoting sources.

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