Bitcoin Surges Above $45,000 Amid Speculation of Spot Bitcoin ETF Approval
Bitcoin experienced a surge in price, reaching above $45,000 on Tuesday morning in Asia. This increase comes as investors anticipate the potential approval of spot bitcoin exchange-traded funds (ETFs) in the United States. The cryptocurrency rose 5.8% over the past 24 hours, trading at $44,965 at 9:25 a.m. Hong Kong time. It briefly reached a high of $45,083 earlier in the morning.
Possible Approval of Spot Bitcoin ETFs by SEC
The price movement follows reports that the U.S. Securities and Exchange Commission (SEC) may notify 14 asset managers about the approval of their spot bitcoin ETF applications as early as Tuesday or Wednesday, ahead of the January 10 deadline. This news has led to increased optimism among investors about the imminent arrival of ETFs.
Implications for Crypto Market
This recent development is seen as a positive sign for the crypto market. According to Justin d’Anethan, head of APAC business development at Keyrock, news about Blackrock and Fidelity confirming names of brokers supporting their BTC operations solidifies the belief that ETFs are on their way. Many investors expect an official decision regarding spot bitcoin ETFs in the first half of this month.
About Authors
Timmy Shen is an Asia editor for The Block with experience in reporting on crypto and Web3 developments. He holds an MS degree from Columbia University Graduate School of Journalism.
Danny Park is an East Asia reporter at The Block who covers topics related to Web3 and crypto regulations in the region. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.
Hot Take: Optimism Grows as Bitcoin Approaches $45,000
The surge in Bitcoin’s price and the anticipation of spot bitcoin ETF approvals have sparked optimism among investors. With the SEC potentially notifying asset managers about their approval as early as this week, the crypto market is eagerly awaiting the arrival of ETFs. This development is seen as a significant step forward for the industry and reinforces the narrative that ETFs are coming soon. As the first half of this month progresses, investors are hopeful for an official decision that will further drive the growth and adoption of cryptocurrencies.
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