BTC Surpasses Significant Level as Race for Spot ETF Approval Heats Up
Bitcoin has broken past the $47,000 mark, signaling a 6.85% increase in a 24-hour period. This surge comes as the race for approval of a spot exchange-traded fund (ETF) intensifies.
Bitcoin Hits $45,000 Amidst $6 Million in Shorts
Earlier today, Bitcoin surpassed $45,000 at 8:00 a.m. ET, coinciding with $6 million in shorts.
Spot Bitcoin ETF Bullishness
The potential approval of the first-ever spot Bitcoin ETF could have a significant impact on the cryptocurrency market. The anticipation of this ETF has already led to renewed interest in Bitcoin and other crypto markets. Last year, crypto exchange volume exceeded $1 trillion for the first time since late 2022.
Standard Chartered predicts that a spot Bitcoin ETF could result in up to $100 billion in new inflows throughout 2024. They also forecast that Bitcoin’s price could reach $200,000 by the end of the year.
About Author
MK Manoylov has been a reporter for The Block since 2020. With nearly 1,000 articles under their belt, MK covers various crypto topics with a focus on NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has contributed to WebMD and Insider.
Hot Take: The Future of Bitcoin Amidst Spot ETF Speculation
The recent surge in Bitcoin’s price is fueled by anticipation surrounding the potential approval of a spot Bitcoin ETF. If approved, this ETF could bring about significant inflows and push the price of Bitcoin even higher. Standard Chartered predicts that Bitcoin could reach $200,000 by the end of the year. As the race for approval heats up, all eyes are on the future of Bitcoin and its potential to reshape the crypto market.
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