Bitcoin @$44K; high on spot ETF approval hope
By Laxmikant Khanvilkar
The relentless surge in virtual digital assets or VDA continues unabated. Investor optimism running high on the prospect of Bitcoin (BTC) spot ETF approval in U.S., the impact is seen in prices scaling fresh high. Support is also drawn from the Federal Reserve winding up liquidity tightening measures by reducing interest rate soon. BTC, the largest cryptocurrency by market capitalisation, rallied above $44,000 mark.
The world’s largest and oldest cryptocurrency is currently trading at $44,117, up 5.3%.
Ether (ETH) too surpassed $2,300 level. The second largest cryptocurrency by market capitalisation is currently offered at $2,308 up 2.5%.
The sharp up-move in BTC price has prompted $73 million in liquidations, mostly from leveraged positions betting on lower prices.
Crypto space is buzzing with talks of lower interest rates, spot bitcoin ETF approval, which caused a “panic buying”, analysts said.
Broader markets too advanced. BNB, Solana, ADA among others trading in the positive territory.
Broader optimism helped lift global crypto market cap by 3.6% to $1.6 tn, in the last 24-hours. Conversely, the total crypto market volume declined 15.7% to $81.1 bn. Total volume in DeFi is currently $8.5 bn and all stablecoins $72 bn, representing 10.4% and 88.8% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.7%, up 0.79% over the day.
IC15 index, the barometer of top fifteen tokens, surged 3.9% to 54,292.
Meanwhile, asset manager BlackRock and crypto investment firm Bitwise both filed amended S1 forms with the Securities and Exchange Commission (SEC) on Monday, responding to the queries likely raised by the regulator in earlier conversations.
The SEC will announce its decision on whether or not to approve one or more spot bitcoin ETFs between Jan 5th and Jan 10th, which is the next and final deadline. Bloomberg analysts predict there is a 90% chance that that scenario will indeed happen.
You need to login in order to Like
