Bitcoin Spot ETF Anticipation Boosts BTC Price to Nearly $46K in Strong Start to 2024
Speculation has been growing that regulatory approval for a U.S.-based spot bitcoin ETF is coming this week.
The bitcoin (BTC) price started 2024 on a roll, adding more than 7% in 24 hours to approach $46,000, the highest level since April 2022, in a strong start to the new year.
As has been the case for the past several weeks, anticipation that the U.S. Securities and Exchange Commission (SEC) will greenlight a number of spot bitcoin ETFs appears to be the catalyst for the move higher. A Reuters report over the weekend suggested the regulatory agency could begin notifying ETF sponsors as soon as Tuesday that their applications were to be approved.
Traditional-finance heavyweights such as BlackRock and VanEck are among the 13 companies in the race – and the move could likely fuel buying pressure for bitcoin in the coming months as the first regulated spot bitcoin product in the U.S., traders expect.
Bitcoin burst through $45,000 and was trading recently at $45,707, according to CoinDesk Indices data. Meanwhile, broader crypto markets are on the move higher as well, with ether (ETH) ahead by 4% and solana (SOL) and avalanche (AVAX) up as much as 12%.
