Key Points:
The digital asset experienced a remarkable 4% spike, hitting levels not seen since April 6, 2022, and trading at $44,844 as of 9:45 a.m. Singapore time. Concurrently, other cryptocurrencies, including Ether, the second-largest by market capitalization, witnessed gains of up to 2.6%.
The recent bullish trend in Bitcoin price reflects a more than 15% increase since the beginning of December, driven by mounting expectations surrounding a critical event: the awaited decision by the US Securities and Exchange Commission (SEC) regarding the approval of a spot ETF for Bitcoin. With a looming January 10 deadline for the SEC’s verdict, traders in the US and Europe are demonstrating a fear of missing out (FOMO), prompting a surge in buying activities, notably on the first day of the New Year.
Hayden Hughes, co-founder of the social trading platform Alpha Impact, highlighted the phenomenon, stating that investors are eagerly making purchases in anticipation of the pending approval.
As Bitcoin enthusiasts await the SEC decision, there is a prevailing optimism that the cryptocurrency could soon breach the $50,000 mark, fueled by the positive sentiment surrounding the potential introduction of a spot ETF.
The resurgence of Bitcoin over the past 12 months has been underpinned not only by ETF expectations but also by a broader risk-on sentiment. This sentiment has been fueled by anticipated declines in interest rates in the United States. The recent rally has, to some extent, ameliorated the impact of a significant crash in 2022, which had reverberations throughout the crypto industry. However, Bitcoin remains below its pandemic-era peak in 2021, which approached $69,000.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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