Bitcoin Breaks $44K Barrier as Spot BTC ETF Nears Approval

January 5, 2024 William Ross Cryptocurrency News 0

Bitcoin Surges Past $44K Amid Growing Hopes for Spot BTC ETF
Bitcoin Rises Above $44K on Spot BTC ETF Optimism

Bitcoin has been on a roller coaster ride in the past few weeks, dropping to as low as $40K before bouncing back above $44K on Thursday. The recovery was driven by renewed optimism about the prospects of a spot Bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC) shortly.

A spot Bitcoin ETF would allow investors to buy and sell actual Bitcoin through a regulated platform, rather than tracking its price through futures contracts or other derivatives. This would increase the demand and liquidity for Bitcoin, as well as reduce the risks and costs associated with holding it.

Several companies have filed applications for a spot Bitcoin ETF, including Valkyrie Investments, VanEck, WisdomTree, and NYDIG. The SEC has delayed its decisions on these proposals several times, but it is expected to make a final ruling by February 2024.

Some analysts believe that the SEC is more likely to approve a spot Bitcoin ETF now than ever before, given the recent developments in the crypto space. For instance, the SEC has approved several Bitcoin futures ETFs in October 2022, which have attracted billions of dollars in inflows and trading volume. Moreover, the SEC has appointed a new director of its Division of Investment Management, Gensler Gensler, who is known to be more favorable towards crypto than his predecessor.

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If a spot Bitcoin ETF is approved, it could trigger a massive rally for Bitcoin, as more institutional and retail investors would flock to the crypto market. Some experts predict that Bitcoin could reach $100K or even higher by the end of 2024 if this happens.

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William Ross
About William Ross 333 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.