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Home»EXCHANGE NEWS»Bitcoin price rises 7% to $46,000 due to BTC ETF development
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Bitcoin price rises 7% to $46,000 due to BTC ETF development

By Crypto FlexsJanuary 2, 20244 Mins Read
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Bitcoin price rises 7% to ,000 due to BTC ETF development
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The US SEC still needs time to review any changes to the Bitcoin ETF S-1 filing filed last week, and only then can it make any specific decisions.

On the first day of the new year, Bitcoin (BTC), the world’s largest cryptocurrency, posted a 7% gain on new developments in the Bitcoin ETF sector. BTC price soared to $46,000, the highest in 21 months.

As of press time, Bitcoin (BTC) is trading at $45,806, up 7.66%, with a market capitalization of $896 billion. Bitcoin achieved the milestone of exceeding $45,000 for the first time in about two years as expectations grew for the approval of an exchange-traded fund (ETF) that directly invests in the largest cryptocurrency.

The digital asset has seen a stunning 20% ​​surge since early December, driven by growing interest and a “fear of missing out” mentality among traders in the US and Europe. As the January 10 deadline for the U.S. Securities and Exchange Commission to decide on a Bitcoin spot ETF approaches, investors are actively entering the market, with some starting to buy on New Year’s Day, Hayden Hughes co-notes. Founder of social trading platform Alpha Impact.

Bitcoin (BTC) ETF Approval Not Coming This Week

Last week there was strong excitement within the Bitcoin community that approval for the first Bitcoin could arrive this week. However, it appears that the existing schedule of January 10th can be stuck.

Uncertainty is looming in the cryptocurrency space as the U.S. Securities and Exchange Commission (@SECGov) faces a potentially unpredictable decision on approving exchange-traded funds (ETFs). Fox Business journalist Eleanor Terrett noted that, based on conversations with issuers, the SEC still needs to review recent changes to S-1 filings filed Thursday and Friday, and she expressed skepticism about immediate approval. I did.

Terrett hinted at a timeline reminiscent of the SEC’s approach to approving Ethereum ($ETH) futures in October. According to her insights, the SEC is expected to aim to complete its current review round and then communicate the final S-1 filing deadline to issuers, making it effective within 24 to 48 hours.

during @SECGov It’s definitely unpredictable, so I’d be surprised if it gets approved tomorrow.

From what I understand from conversations with issuers, the SEC is still reviewing all changes to S-1s filed on Thursday/Friday… You should comment on https://t.co/CnkYdXsbD4.

— Eleanor Terrett (@EleanorTerrett) January 1, 2024

Given that SEC officials have been closed since Friday, approval seems unlikely on Tuesday or even Wednesday. However, Terrett acknowledged the unpredictable nature of the SEC decision and expressed expectations that the next two weeks will be an interesting period for the cryptocurrency industry.

market expectations

Moreover, other market analysts have called on Bitcoin investors to lower their price appreciation expectations following the approval of the Bitcoin ETF.

Individuals appear to be inclined to overestimate the immediate impact of US-based Bitcoin exchange-traded funds (ETFs), according to an assessment by VanEck advisor Gabor Gurbacs. Gurbacs suggests that these ETFs can only attract modest inflows of hundreds of millions of dollars, consisting mainly of recycled funds.

In my opinion, people tend to overestimate the initial impact of US Bitcoin ETFs. I think there’s probably around $100 million in money (mostly recycled) going around.

In the long run, people tend to underestimate the impact of spot Bitcoin ETFs. If history is any guide, gold is similarly worthy of study. https://t.co/6vvkA9aC09

— Gabor Gurbacs (@gaborgurbacs) December 31, 2023

However, Gurbacs emphasizes that in the long term, people tend to underestimate the potential impact of spot Bitcoin ETFs. He points out the value of studying gold as a comparable asset in this context, similar to historical trends. As the debate over Bitcoin ETFs continues, Gurbacs emphasizes the importance of considering historical perspective to gauge the potential impact of these financial instruments over time.

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