Bitcoin Surges Past $41,700 Amid Crypto Rally
The price of Bitcoin continued its upward trajectory on Monday, surpassing $41,700 after reaching $40,000 the previous day. According to CoinGecko, Bitcoin’s current price stands at just over $41,600, representing a 5.6% increase for the day and an 11% increase for the week. In comparison to one year ago when it was valued at under $17,000, Bitcoin has surged by more than 144% in the past year.
Cryptocurrency Market Cap Rises to $1.61 Trillion
Bitcoin’s rally has not only boosted its own price but also contributed to the overall market cap of cryptocurrencies. The total market cap now stands at $1.61 trillion, experiencing a 3.6% increase in the past 24 hours.
$166 Million in Short Derivatives Liquidated
The surge in Bitcoin’s price has resulted in over $166 million worth of short derivatives positions being liquidated within the last 24 hours, as reported by CoinGlass.
SEC Meetings Spark Optimism for Bitcoin ETF Approval
The U.S. Securities and Exchange Commission (SEC) has been engaging with applicants such as Grayscale and BlackRock to discuss potential amendments to their Bitcoin exchange-traded fund (ETF) applications. Analysts have identified three key dates in January that could open a window for the approval of multiple applications simultaneously. Bloomberg Intelligence analysts have estimated a 90% chance of the SEC approving a Bitcoin ETF in January, leading to renewed optimism among industry figures.
Hot Take: Potential Approval of Bitcoin ETF Raises Hopes Amid Regulatory Uncertainty
The possibility of the SEC approving a Bitcoin ETF in January has ignited hope within the crypto community. While the regulator has rejected all previous spot Bitcoin ETF applications, recent discussions with major financial institutions and the high probability of approval have fueled positive sentiment. If approved, a Bitcoin ETF could provide greater accessibility and legitimacy to the cryptocurrency market. However, it is important to note that regulatory decisions remain uncertain, and investors should exercise caution when interpreting these developments.
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