Bitcoin has surged past the $47,000 mark for the first time since April 2022, as the deadline for the United States Securities and Exchange Commission (SEC) approval of spot Bitcoin ETFs draws near. The cryptocurrency climbed rapidly from a price of $44,000 on Jan. 8, marking a more than 6.5% increase in the last 24 hours and a 177% increase over the last twelve months, to hit a year-to-date high at $47,284.
This price performance comes as the market prepares for the SEC’s potential approval of one or several of the 14 outstanding applications for a spot Bitcoin ETF product. Bloomberg analysts predict a decision could come as early as Jan. 10. The last time Bitcoin traded above $47,000 was nearly 20 months ago on April 3, 2022, when it reached a high of $47,458 before descending into a bear market that saw it fall as low as $15,600.
Trader and analyst Jin flagged BTC flipping the “21 EMA” into support, suggesting that the flagship cryptocurrency was headed to $48,000. Meanwhile, popular user Byzantine General noted that “a lot of shorts just got liquidated” by the rapid price move to $47,000. Data from Coinglass shows short-position liquidations for Bitcoin topping $76 million on the day, with the tally still increasing at the time of writing. Cross-crypto short liquidations amounted to more than $112 million.
Many market participants expect the bullish price action to continue and any news surrounding a spot Bitcoin ETF approval. This is demonstrated by BTC’s price action response to the top BTC ETF contenders entering into a fee war, as illustrated by the latest S-1 amendments in a bid to lure clients once the approval comes. Meanwhile, the SEC reissued a warning about FOMO crypto investing just days ahead of the anticipated approval of spot Bitcoin. However, ultimately, the products are expected to attract trillions of dollars worth of inflows over the next few years.
It’s important to note that every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jin |
| Companies | Bloomberg, CoinMarketCap, Coinglass, United States Securities and Exchange Commission |
| Currencies | Bitcoin |
| Securities | None |
