The Bitcoin Bull Run Continues: Anticipation of SEC Approval of Bitcoin Spot ETFs
Just as the bells of the New Year 2024 have barely stopped ringing, Bitcoin (BTC) is already showcasing a dazzling performance, flirting with $46,000, a peak unseen since April 2022. The remarkable increase of over 7% in BTC during the first 24 hours of the new year is not insignificant: it is fueled by the fervent hope of seeing the US SEC approve a series of Bitcoin spot ETFs.
Anticipation of Approval of Bitcoin Spot ETFs for Giants
This anticipation is not new and has been simmering for several weeks, but a recent report from Reuters has fueled the fire by suggesting that the regulatory agency could begin notifying ETF sponsors of their imminent approval as early as this week. In the race, heavyweights from the traditional finance sector such as BlackRock and VanEck stand out among 13 candidates, promising to boost demand for Bitcoin in the coming months as the first regulated Bitcoin spot product in the United States.
However, opinions on the actual impact of the approval of a Bitcoin spot ETF on the market remains divided. Some analysts from cryptocurrency trading platforms, like Ryan Lee from Bitget Research, temper the enthusiasm by suggesting that Bitcoin may not experience a significant increase immediately after approval.
The Alt Market Wakes Up?
Beyond Bitcoin, the entire cryptocurrency market seems to be vibrating to the rhythm of this positive anticipation. While Solana (SOL) and Ethereum (ETH) are holding steady, some altcoins are reaching all-time high prices, such as ARB (Arbitrum) and OP (Optimism), each setting a new ATH.
In summary, the excitement surrounding the potential approval of Bitcoin spot ETFs by the SEC seems to have lit the fuse for an explosive start to the year for Bitcoin and the cryptocurrency market as a whole. It remains to be seen whether this anticipation will materialize into regulatory reality and what the extent of its impact will be on the already palpable market dynamism.
