Why Bitcoin Price is Up Today: BTC Hits $47k

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Why Bitcoin Price is Up Today: BTC Hits $47k

Last updated on May 18th, 2024 at 12:54 pm

The price of Bitcoin is significantly going up today December 9 due to confidence over a potential approval of a spot ETF by the SEC.

The flagship cryptocurrency has witnessed a sharp price spike according to live data from CoinMarketCap. Earlier, the price of the coin topped $45,000 before retracting a bit and hanging around the $45k zone.

However, a significant surge has pushed the price of the token to $47,000 signifying a new yearly high. The new price trend highlights traders’ bullish sentiment for Bitcoin, which has continued on a steady 4 months price rally.

As always, a remarkable price trend calls for questions like “Why is the price of Bitcoin going up today?” Let’s take a look.


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Why BTC price is up today

The main reason that can be attributed to the rise in the value of Bitcoin today is the momentum behind the potential approval of a Spot ETF by the Securities and Exchange Commission.

According to Fox Business journalist, Eleanor Terrett, all spot Bitcoin ETF applicants formally filed the last phase of the process on January 8. The SEC is now free to consider and approve spot Bitcoin exchange-traded funds (ETFs).

Some cryptocurrency analysts have predicted that the price of Bitcoin is heading towards a breakout of $50k.

The returns on gold in 2023 were more than doubled by Bitcoin, and this trend has persisted until 2024. According to MicroStrategy CEO and Bitcoin bull Michael Saylor, a spot Bitcoin ETF would be the biggest development to hit the financial industry since the introduction of the S&P 500.

Meanwhile, the positive momentum around Bitcoin propelled the market cap of the asset above Berkshire Hathaway on Dec. 5, 2023. As a result, Bitcoin has maintained its position as the 10-biggest asset in the world.

Further reports from experts predict that a spot ETF approval could generate about $600 billion in BTC demand. In addition, CryptoQuant analysts believe that an approval will possibly add $1 trillion to Bitcoins’ market cap.

Additional predictions from Galaxy Digital suggest that Bitcoin price will surge by 74% after the first year of a spot BTC ETF launch.

Significantly, the global crypto market capitalization has surged by 6.18% over the last 24 hours resting at 1.73 trillion according to CoinMarketCap data.

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Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.