Cryptocurrency

Bitcoin surpasses $45K as ETF approval date approaches, marking a crucial milestone for investors.

Bitcoin Hits 21-Month High as ETF Approval Looms

Bitcoin Reaches 21-Month High Amid ETF Speculation

Bitcoin surged to a 21-month high on Tuesday, fueled by mounting speculation that the U.S. Securities and Exchange Commission (SEC) was on the verge of greenlighting a spot exchange traded fund (ETF) for the leading cryptocurrency.

Bitcoin Surges to $45,168.6

Bitcoin saw a 6% increase, reaching $45,168.6 by 21:35 ET (02:35 GMT), marking its highest level since early-April 2022. However, trading volumes remained subdued due to the New Year holidays.

- Advertisement -

Bitcoin’s Stellar Recovery in 2023

Bitcoin’s remarkable recovery in 2023 saw the token’s value skyrocket by over 100%, starting the year at around $17,000.

Speculation Over ETF Approval Drives Gains

The cryptocurrency’s recent gains were primarily driven by speculation surrounding the approval of a U.S. ETF directly tracking the token’s prices. The SEC faces a January 10 deadline to approve or reject a spot ETF application from Ark and 21 Shares, potentially setting a precedent for similar products from other fund managers.

SEC’s Response and BlackRock’s Application

The SEC is expected to notify other applicants as early as this week regarding the launch of their products by Jan 10. Meanwhile, BlackRock Inc, the world’s largest asset manager, has also submitted an application for a spot bitcoin ETF.

Challenges and Expectations

The SEC’s previous rejections of spot bitcoin ETF applications were based on concerns about the token’s decentralized and volatile nature, posing challenges for fund managers in safeguarding investors against market manipulation. Proponents believe that the approval of a spot ETF could trigger significant capital inflows for bitcoin, while analysts caution that the impact may not be as substantial as anticipated.

Industry Challenges and Recovery

The crypto industry has faced setbacks, including high-profile bankruptcies and regulatory crackdowns, leading to a loss of faith among retail investors. Despite hopes for an ETF approval driving a robust recovery for the token through 2023, trading volumes have remained modest compared to the 2021 bull run.

Latest stories

- Advertisement - spot_img

You might also like...

Disclaimer : All investing Involves Risk. We are not affiliated with any platform that we use for advertising, product functionality, or communication. Our site is for educational use only and should not be considered as investment or financial advice. All indicators are developed by Bigbull trading indicators and sold exclusively at https://bigbulltradingindicator.com/. All products that are sold at https://bigbulltradingindicator.com/ are intended for assisting with making trading decisions and must not take as an official financial advice. The past performance doesn't guarantee any future results. Users must be aware of the risk when trading the Forex or the financial markets. Bigbull trading Indicator cannot accept responsibility for any exclusion or errors to the accuracy of information contained on this Site. We advocate that individual seek advice from professional and accredited financial advisor before completing any transaction. Please carefully consider your investment goals, risk and experience you have. It should be noted that trading or investment in Stock, Forex and all other market is subject to market risk, Don’t trade with money you can’t afford to lose, If you decide to invest real money, all trading decisions should be your own, there are no guarantees or certainties in trading, Most people lose money with trading without experience and proper knowledge, If you are looking for guaranteed income, trading or investment is not for you. We are not a registered investment adviser and we do not provide trading or investment advice or recommendations, we are also not regulated by the any financial authority, we will not provide any specific trading or investment advice and does not take into consideration the investment needs of any particular investor or investors. Nothing in this website should be construed as trading, investment, tax, legal or other advice. Signals generated by the Indicators, strategies, tools, programs, products and system are not investment recommendations. All materials on bigbulltradingindicator.com, as well as all system components including indicators, strategies, tools, programs, products, instruction manual, and systems are for educational purposes only, creators, suppliers, officers, directors, employees, advertisers, developers, sponsors, affiliates, representatives and agents of the Indicators, strategies, tools, products, programs and systems on bigbulltradingindicator.com will not take any warranties, responsibility for any profit or loss/damage caused by using the Indicators, strategies, tools, programs, products and systems, you may seek professional advice if required. bigbulltradingindicator.com and its creators, suppliers, officers, directors, employees, advertisers, developers, sponsors, affiliates, representatives and agents do not warrant that your use of the services, indicators, strategies, tools, programs, products, systems and instruction manual of bigbulltradingindicator.com and its affiliated sites will be uninterrupted, error-free, virus-free, secure, or harmful, we will not take any guarantee of the accuracy or completeness of any information we publish, any opinions that we publish may be wrong and may change at any time Use of our information, services, indicators, strategies, tools, programs, products, systems and instruction manual should be based on your own due diligence and you agree that we are not liable/ responsible for any success or failure of your business/investment/trading that is directly or indirectly related to the purchase and use of our services, indicators, strategies, tools, programs, products, systems and instruction manual. The internet and email is not 100% reliable. Sometime you will not receive an email/notification from us due to any technical error and we are not responsible for that, if you do not receive any expected email/update you may check your spam folder, we are not responsible for any communication failures You may find feedback/reviews/testimonials from clients and customers about the products and services offered on this website the results/reviews by these clients/customers are not necessarily typical and there is no guarantee of results that you or anyone else will get same result by using any information, services, indicators, strategies, tools, programs, products, systems and instruction manual offered by bigbulltradingindicator.com, past performance of any information, services, indicators, strategies, tools, programs, products, systems and instruction manual is not a guide to future performance. The information contained on this website is provided as-is, is subject to change without notice and no guarantee is made as to its accuracy, completeness or fitness for a particular purpose

© 2023 All Rights Reserved By BigBull Trading Indicators