Bitcoin and other cryptocurrencies rose again on Tuesday as expectations continued to grow that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund – a long-awaited catalyst that could give cryptos a big boost.
The price of Bitcoin has risen 4% in the last 24 hours to over $46,800 and briefly broke $47,000 on Monday for the first time since March 2022. Bitcoin – which boomed in 2023 – is already up 10% so far this year amid expectations that the Securities and Exchange Commission…
Bitcoin and other cryptocurrencies rose again on Tuesday as expectations continued to grow that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund – a long-awaited catalyst that could give cryptos a big boost.
The price of Bitcoin has risen 4% in the last 24 hours to over $46,800 and briefly broke $47,000 on Monday for the first time since March 2022. Bitcoin – which boomed in 2023 – is already up 10% so far this year amid expectations that the Securities and Exchange Commission will approve the first spot Bitcoin ETF, with a decision on a number of such funds expected to come this week.
“Bitcoin remains on everyone's lips as the cryptocurrency broke $47,000 yesterday amid speculation that the SEC will finally approve a range of spot Bitcoin ETF products as early as tomorrow,” said Joshua Mahony, analyst at Broker Scope Markets. “As each applicant has disclosed the fees associated with their ETF, the signals clearly point to regulatory approval.”
In fact, there was a flurry of activity from potential ETF issuers on Monday, including pricing plans for funds that could indicate a tough run ahead of regulatory approval. Hopes that the SEC will allow spot Bitcoin ETF trading has been a key driver of the cryptocurrency's surge since last summer, with bulls saying the approval is likely to spark a new wave of investor interest in the token.
“The hope for Bitcoin enthusiasts is that this move will finally bring crypto into the mainstream and give fund managers and more traditional market participants the opportunity to allocate a percentage of their portfolio to this fast-moving asset,” Mahony said.
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Alongside Bitcoin, Ether – the second-largest cryptocurrency – fell less than 1% to $2,250. Smaller tokens or altcoins also saw a decline, with Cardano and Polygon down 2% and 3%, respectively. The trend for memecoins was more mixed: Dogecoin lost 2% and Shiba Inu rose 1%.
Write to Jack Denton at [email protected]