- Bitcoin breaches $45,000 mark, marking a return to April 2022 levels.
- Speculation rises on potential approval of a spot Bitcoin ETF in the U.S.
- Major financial players like BlackRock and Fidelity actively pursuing ETF listings.
In an electrifying start to 2024, Bitcoin surged beyond the $45,000 mark on Monday night, marking a significant milestone for the leading cryptocurrency. According to TradingView data, the breakthrough occurred shortly after 7 p.m. ET, with trading volumes spiking as the price reached a peak of $45,376 on Coinbase.
This surge represents a return to territory Bitcoin hasn’t explored since April 2022, according to market data. As of the latest update, Bitcoin is maintaining its position around the $45,000 mark on Coinbase, after briefly dipping to a local low of approximately $44,700.
The driving force behind Monday’s price movement remains unclear, fueling speculation within the cryptocurrency community. One prevailing theory centers on the anticipation of a potential approval for a spot Bitcoin exchange-traded fund (ETF) in the United States.
Several major players in the financial and crypto sectors, such as BlackRock and Fidelity, are actively seeking approval for a Bitcoin ETF listing. The recent weeks leading up to the surge witnessed a flurry of marketing campaigns by crypto-native firms, heightening expectations for a favorable regulatory decision.
In a noteworthy development, the would-be issuers disclosed the names of authorized participants (APs) late last week. Among these firms are Jane Street, JPMorgan, Virtu Securities, and Cantor Fitzgerald. Both Fidelity and BlackRock specifically identified Jane Street and JPMorgan Securities as their respective APs, adding another layer of intrigue to the unfolding ETF saga.
As the cryptocurrency market continues to capture the attention of institutional giants and retail investors alike, the Bitcoin rally at the onset of 2024 sets an optimistic tone for the industry. The dynamics surrounding the potential ETF approval, along with the involvement of major financial institutions, only add to the anticipation and speculation within the crypto space.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.