As the BTC ETF deadline approaches, the price of Bitcoin has exceeded $47,000
For the first time since April 2022, the price of bitcoin surpassed $47,000 as the deadline for the United States Securities and Exchange Commission to approve the position of Bitcoin ETFs approaches.
Bitcoin (BTC) has surged from $44,000 on January 8th, up more than 6.5% in the last 24 hours and 177% in the last 12 months, according to data. From CoinMarketCap.
Bitcoin's price performance comes as the market prepares for a potential SEC approval of more than 14 applications for a single position Bitcoin ETF product, with Bloomberg analysts predicting a decision as early as January 10.
People ask me if we changed our luck. No, we're still lining up for January 10th (known as this cycle) with the same odds we've had for months (preferably/safely) with 90% approval odds. What we're looking at now: More updated/final filings and more clarity on cash and cash https://t.co/uiWgfxOfzz
— Eric Balchunas (@EricBalchunas) November 29, 2023
The last time Bitcoin traded above $47,000 was 20 months ago, in 2015. It reached a high of $47,458 on April 3, 2022, before descending to $15,600 before descending into a sustained bear market.
Trader and analyst Gene Flagger flipped the BTC “21 EMA” to support, the main cryptocurrency was heading towards $48,000, while the favorite X user Byzantine General said that the price quickly reached $47,000 “only a lot of shorts got liquid”.
48k coming https://t.co/qf1YSWLwDq
— Jin (@trader1jin) January 8, 2024
Related: 100 Days Halving – 5 Things to Know in Bitcoin This Week
Data from Coinglass shows $76 million in Bitcoin short-position liquidity per day, and the number is still rising at the time of writing. Cristo-crypto short liquidations have topped $112 million.
Many market participants expect the new round of price action to continue amid any news surrounding the Bitcoin ETF approval. This point is a reaction to BTC price action as top BTC ETF competitors enter a fee war, as seen with the latest S-1 amendments, to attract customers after the approval comes.
Regarding #Bitcoin, $BTC hits $47000 Super Hype
CNBC Talking About ETF Approval and Billions of Dollars Ready to Invest in $BTC Coming After Approval⚠️
Don't you guys think Wales will be dropping it at retailers soon? #CryptoNews #CryptoInsights pic.twitter.com/rXC2in0ZXJ
— Karan Singh Arora (@thisisksa) January 8, 2024
Meanwhile, the SEC has reissued its FOMO (fear of missing out) warning about crypto investing just days ahead of the expected approval of a Bitcoin ETF. However, the products are expected to eventually attract trillions of dollars in revenue over the next few years.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
