Bitcoin Begins 2024 Above $45,000, Highest Since April 2022

Bitcoin has had a strong start to 2024, breaking the $45,000 mark for the first time in almost 2 years. Overnight, the king of cryptocurrencies surged more than 4.5%, topping $45,500 and surpassing all price levels from the previous year. Bullish due to impending approval of spot bitcoin ETFs?

Bitcoin is off to a flying start in 2024

It took almost 2 years for the price of Bitcoin to break the symbolic milestone of $45,000 again. Tonight, and while 2024 has just begun, the cryptocurrency king soared more than 4.5% in about 4 hourswhich brought it over $45,500:

Bitcoin exchange rate

Bitcoin price development from the beginning of 2022 to today

Bitcoin is thus trading at a price higher than anything it has experienced during 2023. It last touched this point in April 2022, when it was preparing to fall into a bear market in the light of Terra (LUNA). plus Celsius, Three Arrows Capital (3AC) and FTX.

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As usual, Bitcoin drove a significant portion of the cryptocurrency market higher. The Ether price increased by more than 4%, the SOL price by 9% and the AVAX price by more than 10% in 24 hours. Other smaller-cap cryptocurrencies exploded higher, especially SEI (29%), ASTR (24%) or MINA (23.5%).

On the liquidation side, over $63 million was liquidated in Bitcoin in the last 24 hours. All cryptocurrencies together, this amount exceeds $144 millionwith over $15.7 million liquidated on Ether and $8.8 million on SOL.

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What are the reasons for this increase?

According to most analysts, this bullish movement in bitcoin seems to be explained again by the story around spot bitcoin ETFswhose approval or disapproval by the Securities and Exchange Commission (SEC) is imminent.

According to a report published by Reuters on December 31, the SEC could notify some BTC spot ETF applicants today or tomorrow that their investment vehicle may be launched next week.

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According to Fox Business reporter Eleanor Terrett, However, this is unlikely because the SEC has yet to review certain amendments filed by ETF applicants. :

“Although the SEC is unpredictable, I would be surprised if approval were to happen tomorrow. My understanding from conversations I’ve had with issuers is that the SEC still needs to review all S-1 amendments filed on Thursday/Friday AND comment on them. (…) SEC staff have been off since Friday, so a Tuesday or even Wednesday approval seems close. We’ll see! »

Some see the price of Bitcoin crossing $50,000 by the end of the week, driven mainly by the futures market. Bitcoin open interest has also been increasing since early 2024.

Regardless, we should know very soon whether spot bitcoin ETFs will be accepted or not. with a deadline set for January 10.

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