The Current Price of Bitcoin in USD
The price of Bitcoin has returned to around $45,000, which is the same level it was at the beginning of the year. Yesterday, the price of Bitcoin fluctuated around $44,000 and dropped below $43,300 overnight. However, it suddenly jumped to $44,300 after the opening of Asian stock exchanges. This may be due to some intervention by the Chinese central bank in the financial markets that injected liquidity, some of which may have ended up in Bitcoin. Four hours after the closing of the Hong Kong stock exchange, with the decline of the Dollar Index, Bitcoin’s price continued to rise and surpassed $45,000.
News from the SEC
The recent rise in Bitcoin’s price started shortly after news broke that many applicants for Bitcoin spot ETFs in the USA have submitted final documentation to the SEC. It is speculated that the SEC now has all the necessary information to decide on these applications. Additionally, the decline of the Dollar Index may have contributed to Bitcoin’s rise towards $45,000. It is possible that before the final approval of Bitcoin spot ETFs by the SEC, the price of Bitcoin could reach new annual highs.
Dominance
Altcoins are currently performing worse than Bitcoin, indicating a trend of recovery in Bitcoin’s dominance. This trend had started a year ago but paused in early December due to a speculative mini-bubble that reduced Bitcoin’s dominance. However, since late December, as the speculative bubble deflated, Bitcoin’s dominance has started to rise again and is close to its highs since April 2021.
The Wait for ETFs and Analysis of Bitcoin’s Price in USD
The anticipation for the approval of Bitcoin spot ETFs by the SEC is likely contributing to the current market trends. Experts believe that approval is likely at 95% and it could arrive by Wednesday. The key point is not the approval itself, but the success or failure in the markets. Rumors suggest that BlackRock may be ready to buy BTC on the market for up to two billion dollars in the first week of its ETF’s presence. However, there is also a risk that traditional investors may have a timid reception to these ETFs. The sponsorship from broadcasters like BlackRock and Fidelity could make a difference. If Bitcoin spot ETFs are successful on traditional markets, the price of BTC could rise again.
Hot Take: Bitcoin’s Price Reaches $45,000 Amidst ETF Anticipation
The price of Bitcoin has returned to $45,000, reaching levels not seen since early April 2022. This increase comes as many applicants for Bitcoin spot ETFs have submitted final documentation to the SEC, raising expectations for approval. The decline of the Dollar Index and Bitcoin’s recovery in dominance also contribute to its rise. While approval is likely, the real test will be the market’s response and the success of these ETFs. Rumors suggest significant interest from institutions like BlackRock, but it remains to be seen how traditional investors will react. If successful, Bitcoin’s price could continue to climb.
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