Bitcoin Surges 150% This Year, Hits $42,000 As Spot ETF Excitement Builds

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Bit­coin has expe­ri­enced a 150% surge in val­ue through­out the year, reach­ing over $42,000 ear­ly Mon­day morn­ing. This explo­sive growth comes amidst mount­ing antic­i­pa­tion sur­round­ing the poten­tial launch of a Bit­coin spot exchange-trad­ed fund (ETF) in the Unit­ed States.

The main con­tribut­ing fac­tor to Bit­coin’s recent surge, in addi­tion to the halv­ing event approach­ing amongst oth­er bull­ish devel­op­ments, appears to be the mount­ing spec­u­la­tion sur­round­ing the approval of a Bit­coin spot ETF by reg­u­la­to­ry author­i­ties in the Unit­ed States. Such an ETF, if approved, would allow tra­di­tion­al investors to gain expo­sure to spot Bit­coin, poten­tial­ly boost­ing the price of the asset.

“Mon­ey will flood into the indus­try with a Bit­coin ETF, it’s just easy to buy it,” said Tom Far­ley, the for­mer Pres­i­dent of the New York Stock Exchange on CNBC a cou­ple weeks ago. “Peo­ple believe in Bit­coin. Bit­coin is a great inven­tion. It is a store of val­ue.”

Mar­ket ana­lysts have been repeat­ed­ly beat­ing the drum on that the intro­duc­tion of an ETF would attract a fresh influx of insti­tu­tion­al invest­ments, fur­ther bol­ster­ing Bit­coin’s posi­tion as a main­stream asset class.

Last Thurs­day, $250 bil­lion asset man­ag­er founder Ric Edel­man said finan­cial advi­sors are wait­ing for spot Bit­coin ETFs to be approved before pro­vid­ing their clients expo­sure to BTC.

This past Fri­day, Grayscale stat­ed “we believe that reg­u­la­to­ry approval of a spot Bit­coin ETF in the U.S. is a mat­ter of ‘when’, not a mat­ter of ‘if’.” The next day, Bloomberg ETF ana­lyst James Seyf­fart not­ed that the next win­dow of poten­tial ETF approvals is now Jan­u­ary 5–10, 2024. “Real­ly this means that any poten­tial approval orders are going to come on either Mon­day Jan 8, Tues­day Jan 9, or Wednes­day Jan 10,” he explained. “Mark your cal­en­dars people.

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