The price of Bitcoin BTC
+7.83%
surpassed a significant level as the race for a spot exchange-traded fund approval heats up.
The world’s most popular cryptocurrency by market capitalization broke past $47,000 at around 2:15 p.m. ET. Bitcoin now trades at $47,109 as of 2:20 p.m. ET — a 6.85% 24-hour increase — The Block’s bitcoin price data show.
The price of bitcoin surpassed $47,000. Source: The Block
Bitcoin surpassed $45,000 this morning at 8:00 a.m. ET, correlating with $6 million in shorts, The Block previously reported.
Spot bitcoin ETF bullishness
As the first-ever spot bitcoin ETF gears up for a potential green light, the effect of a new exchange-traded fund could drastically impact the cryptocurrency market. Bitcoin and other crypto markets saw renewed interest as a spot bitcoin ETF approval became increasingly more expected toward the end of last year, with crypto exchange volume breaking $1 trillion for the first time since late 2022.
A spot bitcoin ETF could cause up to $100 billion in new inflows to occur throughout 2024, leading to a possible future of bitcoin’s price reaching $200,000 by the end of the year, Standard Chartered said earlier today.
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About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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