BULL RUN | Bitcoin Hits $47,000 Ahead of ETF CrunchTime

Bitcoin reached a 21-month high of $47,000 on January 8 2024 as investors anticipate the possible approval of a U.S. Bitcoin exchange-traded fund later in the week.

According to reports, Grayscale and other potential issuers of a Bitcoin ETF have submitted final updates to the U.S. Securities and Exchange Commission. These updates include essential fee disclosures, contributing to increased investor confidence and raising the likelihood of approval.

The proposed managed fees revealed by BlackRock, Grayscale, VanEck, and other entities for their individual ETFs will be used by investors for products with the most competitive costs.

Meanwhile, the SEC Chairman, Gary Gensler, sent out a tweet with some messages to potential investors, heightening discourse on the likelihood of a confirmation very soon:

A thread

Some things to keep in mind if you’re considering investing in crypto assets:

— Gary Gensler (@GaryGensler) January 8, 2024

Analysts express a high level of confidence that the SEC will approve the funds with a first deadline for a decision on January 10 2024. The funds that are required to accumulate physical Bitcoin on behalf of shareholders would be the first-ever products of this kind to be listed in the U.S.

Such a decision would constitute a landmark moment for the cryptocurrency industry which, rooted in anti-establishment principles, has nonetheless proven the value of Bitcoin and Ether to a significant portion of the institutional investing world.

Below is the list of applicants:

Invesco Galaxy Bitcoin ETF
Valkyrie Investments
Ark Invest
Fidelity (Wise Origin Bitcoin Trust)
NYDIG/Stone Ridge
Hashdex Bitcoin ETF
Franklin Bitcoin ETF
Pando Asset Spot Bitcoin Trust
Global X Bitcoin Trust
7RCC Spot Bitcoin and Carbon Credit Futures ETF

The positive sentiment surrounding Bitcoin contributed to a 5% increase in Ether. Many of the same companies competing for a Bitcoin ETF have submitted applications to introduce spot Ether ETFs. The SEC is expected to announce its decision on those applications later in 2024.


$ADA, and

are all up more than 5% in the last 24 hours.





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