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- 1 Bitcoin crossed the much-awaited milestone of $45k, and is approaching $46k the mark.
- 2 Bitcoin spot ETF news is pumping crypto prices. BTC’s trading volume grew over 135% in the past 24 hours.
- 3 MicroStrategy (MSTR), constantly boosting their Bitcoin holdings, purchased BTC with $615 Million from November 2023 to December 2023.
Bitcoin has registered a sharp rise in trading volume and market capitalization in the past few months. Trading volume is up by 135.88%, and a spike of 6.53% is observed in the market capitalization.
On January 02, the market opened at $44,148. At press time, it was trading at $45,281 with an intraday surge of more than 2.50%. It is crucial to note that the popularity index of Bitcoin indicates at growth in the future, and BTC holds over 52% of the entire crypto market.
Dozens of crypto indices released in 2023 indicate a significant surge in global crypto adoption. The bitcoin price chart shows a 173.36% uptick in the past 12 months.
Possible Reason Behind Surge of Bitcoin
Market observers believe that the talk over the filing, application, registration, and approval of spot ETF is pumping the BTC price. Many are looking forward to the approval of the Bitcoin spot ETFs.
Leading financial giants such as BlackRock, Fidelity, and GrayScales have created a positive environment in the market, and crypto enthusiasts are ingesting vast amounts of funds in the market.
On December 28, 2023, Reuters published that following SEC’s decision over spot ETFs, MicroStrategy purchased $615.7 Million of Bitcoin, which made it one of the biggest companies that hold BTC.
The purchase was made between November 30 and December 26, 2023; each Bitcoin was bought at an average price of $42,110. Another reason behind the surge of BTC prices is the back-to-back meetings of BlackRock and the U.S. Securities and Exchange Commission (SEC).
The final decision of the SEC over ETF approval will shape the industry’s future. If the regulatory body gives the approval, a boost in adoption is expected. If not, companies might leave the U.S. and apply to other regions.
Available Options For Companies if SEC Rejects ETFs…
Recent research of CoinGecko highlights that around 20 spot Bitcoin ETFs in Australia, Brazil, Canada, the Cayman Islands, Germany, Guernsey, Jersey, and Liechtenstein already have $4.16 Billion in assets.
Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC), hinted that the regulator was open to enabling ETFs to own cryptocurrencies directly.
Spot Bitcoin ETFs registered in Switzerland and Brazil have assets worth $560.73 Million and $113.73 Million, respectively.
The remaining spot Bitcoin ETF nations have lesser overall asset amounts, with Liechtenstein accounting for $284.25 Million, Guernsey accounting for $94.76 Million, and Australia accounting for $18.57 Million.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
