The Strategist

Bitcoin climbs above $47,000 amid expected SEC rulings on Bitcoin ETFs

01/09/2024 - 05:34

Bitcoin hit 21-month highs on the afternoon of January 8 and continued to rise overnight on January 9, trading above $47,000 for the first time since April 2022.
According to Bloomberg, Bitcoin crossed the $47,000 mark on the afternoon of January 8th for the first time since April 2022. The agency notes that the first and largest cryptocurrency by capitalization increased by 6.2 percent during the day to $47,007 per token, marking the highest gain in a single trading day since Nov. 15, 2023. Bitcoin accounts for slightly over half of $1.7 trillion overall market capitalization of all cryptocurrencies.

Bitcoin was worth $47,193 at its peak, but later the price had dropped to $46,937 per coin, CoinGecko writes. In November 2021, the token hit a record high of $69,000 USD.

Expectations of the U.S. SEC’s decision on applications to launch the first Bitcoin-backed ETF (exchange-traded fund) in the United States led to the rise in value to levels not seen since the collapse of cryptocurrencies in the second half of 2022. Among the possible issuers of bitcoin-ETFs are listed investment firms including BlackRock, Ark, Fidelity, Invesco, Galaxy Digital, WisdomTree.



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