In a resounding surge, Bitcoin surpassed the $44,000 mark today, buoyed by anticipations surrounding a potential approval from the US Securities and Exchange Commission (SEC) for a Spot Bitcoin ETF, which may materialize as soon as today (Jan. 5).
Trading on Coinbase reflected a 3.31% surge, propelling Bitcoin to $44,147.50, marking a notable climb in value.
Reports from multiple media outlets shed light on a pivotal meeting between officials from the US Securities and Exchange Commission (SEC) and representatives from major trading platforms: the New York Stock Exchange, Nasdaq Exchange, and Chicago Board Options Exchange, all actively involved in trading ETFs. The outcome of this meeting sparked widespread speculation indicating an imminent approval for the creation of a Spot Bitcoin ETF.
Insider sources revealed that the SEC might soon inform firms like BlackRock, WisdomTree, and Valkyrie about the approval to establish a Spot Bitcoin ETF, potentially before trading commences next week.
Market analysts express confidence in the SEC’s inclination toward approving the Spot Bitcoin ETF creation by January 10, 2024, marking a significant milestone as the first of its kind in the United States.
Bitcoin’s remarkable performance, surging more than 150% over the past year, has significantly outpaced the US stock market, represented by the S&P 500 index, which experienced a mere 24% rise.
Furthermore, analysts foresee a continuation of Bitcoin’s upward trajectory, buoyed by the prospect of the Bitcoin Halving phenomenon, projected to transpire between March and May 2024.
Standard Chartered Bank previously issued a report forecasting Bitcoin’s value to reach $120,000 by the conclusion of 2024, adding to the positive sentiment surrounding the cryptocurrency’s potential growth trajectory.
The anticipation and optimism surrounding the possibility of a US Spot Bitcoin ETF approval continue to drive enthusiasm and speculation within the cryptocurrency market.