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The price of Bitcoin has soared beyond $47,000 for the first time since December 2021, marking a significant milestone in the cryptocurrency market. This surge comes as the deadline for the United States Securities and Exchange Commission (SEC) approval of spot Bitcoin exchange-traded funds (ETFs) looms large.
As of January 8, BTC witnessed a rapid climb from $44,000, experiencing a notable 6.5% surge within the last 24 hours. The year-to-date chart reveals an impressive 175.75% increase, with the cryptocurrency reaching a high of $47,284, according to data from CoinMarketCap.
CoinMarketcap
Bitcoin Buzz On Social Media
Market observers and participants anticipate that the bullish momentum will persist, especially in light of any developments related to the approval of spot Bitcoin ETFs. Renowned cryptocurrency expert Karan Singh Arora expressed the prevailing excitement on X, noting that BTC had touched the $47,000 mark, fueling widespread anticipation.
Arora highlighted the growing hype surrounding the potential ETF approval, with mentions of mainstream media coverage on CNBC discussing the significance of the decision. There were also reports circulating about billions of dollars poised for investment in Bitcoin once the approval is granted.
Amidst the optimism, concerns have been raised about the possibility of large investors, colloquially known as “whales,” dumping their holdings on retail investors shortly. The volatile nature of cryptocurrency markets has led some to question whether a correction may be imminent.
On a positive note, analyst Michaël van de Poppe shares his enthusiasm, stating that the approval of a Bitcoin Spot ETF would provide true legitimacy to an asset that emerged from the aftermath of the 2008 Financial Crisis and has only been in existence for 15 years.
Quick correction took place in the past 24 hours, but the markets are quickly heating up towards the potential approval of the spot #Bitcoin ETF.
Expecting $48-51K to happen, but even more, altcoins to flourish after.
Keep on buying the dips.
— Michaël van de Poppe (@CryptoMichNL) January 8, 2024
Van de Poppe acknowledged a quick correction in the past 24 hours but emphasized the rapidly heating market sentiment, particularly in anticipation of the potential approval of the spot Bitcoin ETF. He further predicted a potential price range of $48,000 to $51,000 for Bitcoin and expressed optimism about the flourishing of altcoins in the aftermath.
Quick correction took place in the past 24 hours, but the markets are quickly heating up towards the potential approval of the spot #Bitcoin ETF.
Expecting $48-51K to happen, but even more, altcoins to flourish after.
Keep on buying the dips.
— Michaël van de Poppe (@CryptoMichNL) January 8, 2024
However, all eyes remain on the SEC’s decision regarding spot Bitcoin ETFs, with the potential for further price fluctuations and market dynamics in the days ahead.
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