The price of Bitcoin has reached the symbolic threshold of $44,000 for the first time since April 2022, a bullish movement attributed to the significant progress in the Bitcoin ETF spot proposal by BlackRock. This event comes in the context of discussions between BlackRock, Nasdaq, and the Securities and Exchange Commission (SEC) of the United States.
The Titan BlackRock Gets Active
BlackRock’s Bitcoin spot ETF, managed by the world’s largest asset manager, is seen as a potential catalyst for a new bull market in cryptocurrencies. Such an offering would facilitate institutional access to one of the best-performing assets in the world in recent years.
Recently, BlackRock and the SEC have intensified their exchanges to finalize the ETF application, boosting the optimism of retail investors regarding an imminent approval, perhaps as early as January 5, 2024.
Yesterday, the price of Bitcoin soared above $42,000 following key updates in BlackRock’s application. This morning, a meeting between representatives of BlackRock, the SEC, and Nasdaq took place, discussing necessary regulatory changes.
Reactions and Anticipations from the Rest of the Market
The price of Bitcoin reacts positively to each favorable update regarding BlackRock’s ETF, indicating that its approval may not yet be fully priced in. If multiple ETF approvals occur simultaneously in early 2024, as suggested by some analysts, the bullish momentum could quickly intensify, especially with the upcoming halving scheduled for April 2024.
On the other hand, Ethereum (ETH) shows slightly less strength than Bitcoin after reaching a yearly high of $2,400 earlier this month. Currently, it is trading around $2,230.
Solana, undoubtedly the most talked-about blockchain of the moment, has seen its native token, SOL, overtake Ripple’s XRP in terms of market capitalization for the first time in its history, placing it in the top 5 cryptocurrencies. SOL has experienced a 9% increase, surpassing $80 and a market capitalization of over $34 billion. This surge is attributed to various factors, including increased activity on the Solana blockchain, transaction volumes on DEXs surpassing those of Ethereum, the impact of various airdrops, and the interest generated by Solana’s Saga smartphone, despite mixed reviews.
