The crypto community is abuzz with anticipation over the approval of the first spot Bitcoin ETF, an event that has the potential to significantly influence Bitcoin’s value. However, another significant event, the Bitcoin halving set for April, is being overlooked despite its historical impact on the digital asset’s value. Following previous halvings, Bitcoin has consistently reached new all-time highs.
Experts predict that 2024 could be a record-breaking year for Bitcoin, with its value potentially surpassing its 2021 all-time high of $69,000. Predictions for the final price of Bitcoin in 2024 range from $100,000 to $250,000. The two major drivers for this anticipated bull market are the approval of a spot Bitcoin ETF and the April halving.
Despite the significance of both events, the crypto community has been largely focused on the approval of the first Bitcoin ETF. This is likely due to the expectation that the U.S. Securities and Exchange Commission (SEC) would approve the first ETF by January 10th. For a brief period, it appeared that this had happened.
Earlier today, the SEC’s official Twitter account announced the approval of all spot Bitcoin ETF filings, causing Bitcoin’s value to surge to $48,000. However, this excitement was short-lived. About 20 minutes later, SEC chair Gary Gensler announced that the SEC’s Twitter account had been compromised and the approval announcement was unauthorized. He confirmed that the SEC has not approved any spot Bitcoin exchange-traded products.
The crypto community responded to this news with a sell-off, causing Bitcoin’s value to drop to $45,000. At the time of writing, Bitcoin is trading at $45,400, a 2% drop in the last 24 hours.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | U.S. Securities and Exchange Commission |
| Currencies | Bitcoin |
| Securities | None |
