Bitcoin Surges 7.2% to Reach Highest Level in Almost Two Years
Bitcoin has experienced a surge of 7.2% in the past 24 hours, reaching an intraday high of $45,498 during the Tuesday morning Asian trading session. This increase comes after a period of price stability over the holiday weekend and marks the highest level for Bitcoin since March 2022.
The surge also means that Bitcoin is now only 34% below its all-time high of $69,000 in November 2021.
Potential Approval of Spot Bitcoin ETF
According to Fox Business reporter Charles Gasparino, the SEC is still going through paperwork for spot Bitcoin ETFs, with an announcement expected later this week. Additionally, there are rumors circulating that the spot Bitcoin ETF will be approved this week.
Max Keiser, a prominent figure in the crypto space, expressed his bullishness about Bitcoin on January 2, stating that it is the only safe haven asset in a world where other markets are overbought or experiencing bubbles.
ETF experts have identified January 10 as a potential date for approvals, but an official announcement from the SEC could come at the end of this week.
Market Impact and Altcoin Movement
The surge in Bitcoin’s price has led to a total market capitalization of $1.82 trillion, the highest level since May 2022. The overall crypto market is now only 40% below its peak levels in November 2021 when the total cap exceeded $3 trillion.
In addition to Bitcoin’s rise, Ethereum has seen a gain of 4.7%, reaching $2,385 at the time of writing. Other altcoins such as Solana, Cardano, Avalanche, Polkadot, and Chainlink are also experiencing significant increases today.
Hot Take: Bitcoin Gains Momentum as Spot ETF Approval Looms
Bitcoin’s recent surge to its highest level in almost two years is driven by anticipation of the approval of spot Bitcoin ETFs. The SEC is currently reviewing the necessary paperwork, and rumors suggest that an announcement may come later this week. This potential approval could further propel Bitcoin’s price and solidify its position as a safe haven asset. With the overall crypto market also seeing positive movement, investors are keeping a close eye on developments in the ETF space. The coming days could be critical for Bitcoin and the broader cryptocurrency market.
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