Bitcoin Price Reaches Over $45,000 on Expectations of US Spot ETF Approval

Jakarta –

The price of bitcoin (BTC) recorded a spike on the first day of the new year 2024. This cryptocurrency rose more than 6% to exceed US$ 45,000 or the equivalent of Rp. 696.6 million (exchange rate of Rp. 15,480).

This figure is the highest level since early April 2022. The cause of this increase is most likely due to expectations of approval of the first spot bitcoin exchange-traded fund (ETF) regulations in the United States (US).

As reported by CoinDesk, Tuesday (2/1/2024), the US Securities and Exchange Commission (SEC) will reportedly soon give the green light for the launch of a number of spot bitcoin ETFs. In the last few weeks, this news has appeared to be a catalyst in driving an increase in bitcoin movements.

This is also supported by a Reuters report at the end of last week, which indicated that the SEC would soon announce the ETF sponsors regarding approval of the launch application on Tuesday or Wednesday this week.

Meanwhile, in recent trading, the price of BTC was at US$ 45,135 or the equivalent of Rp. 698.68 million, up 6.35% and up 5.6% in the last 24 hours. Additionally, the crypto market as a whole also moved higher, with ether (ETH) up by 4%, and solana (SOL) and avalanche (AVAX) up by 9%.

As additional information, large asset management companies are scrambling to get approval to launch the first spot bitcoin ETF in the US. This condition makes market players filled with anticipation.

Reuters previously reported that the registrants, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest/21shares joint venture, all submitted revised filings to the US Securities and Exchange Commission (SEC) on Friday, December 29, 2023.

The first deadline for an SEC decision on Ark Invest/21shares’ proposed spot bitcoin ETF is January 10, 2024. If the regulator chooses to approve the spot bitcoin ETF, the SEC could then notify the issuing company as early as early this new year.

(shc/fdl)

2024-01-02 04:26:33
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