2024-01-09 13:21:12
Bitcoin was trading just below $47,000 on Tuesday, as investors awaited a decision from US stock exchange regulators on whether to approve the first US exchange-traded fund directly linked to cryptocurrencies.
According to a Bloomberg report on Tuesday, the world’s largest cryptocurrency briefly oscillated above $47,000 late Monday, fueled by excitement over several filings revealing what would-be ETF issuers intend to charge as fees on the products. If they get the green light. But Bitcoin fell this morning, with its price reaching around $46,643 at 7:00 AM in New York, a decline of approximately one percent over the past 24 hours.
The US Securities and Exchange Commission is expected to make a decision on some Bitcoin ETF applications by Wednesday.
Several companies, including BlackRock Inc and VanEck, filed amended S-1 forms for their ETFs early Tuesday morning, in response to comments made by the Securities and Exchange Commission on some of the filings on… Monday.
The price of Bitcoin has witnessed some strong fluctuations since the beginning of the year, due to speculation regarding the proposed investment products. “We are heading into a huge week with one of the most important events in the history of cryptocurrencies taking place, which is the potential approval of the Bitcoin Spot ETF,” Simon Peters, a market analyst at the American company eToro, said in a note.
Meanwhile, Bitcoin’s monthly options volume last month reached $29.9 billion, the highest level since late 2021, according to a post published by blockchain data analytics platform Caico on Tuesday. Options trading has seen “high volume since October as traders brace for higher volatility ahead,” with rises continuing through the end of 2023, Caico’s Desislava Obert said in an email.
It’s not a given, Peters said, that SEC approval would immediately lead to a spike in Bitcoin’s price, as recent spikes suggest many may have bought ahead of the event.
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