{"id":34882,"date":"2024-01-08T20:52:37","date_gmt":"2024-01-09T00:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34882"},"modified":"2024-01-08T20:52:37","modified_gmt":"2024-01-09T00:52:37","slug":"bitcoin-price-breaks-through-47000-bullish-sentiment-builds-with-anticipation-of-etf-approval","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/08\/bitcoin-price-breaks-through-47000-bullish-sentiment-builds-with-anticipation-of-etf-approval\/","title":{"rendered":"Bitcoin Price Breaks Through $47,000, Bullish Sentiment Builds With Anticipation Of ETF Approval"},"content":{"rendered":"

With the Bitcoin price soaring to new highs, the cryptocurrency community is excitedly buzzing as all signs point towards an imminent approval of the highly anticipated Bitcoin Exchange-Traded Fund <\/a>(ETF) applications.\u00a0<\/p>\n

This positive sentiment has propelled the Bitcoin price past the $47,100 mark, reaching levels not seen since April 2022 and inching closer to the coveted $50,000 milestone and its all-time high (ATH) of $69,000.<\/p>\n

SEC Fast-Tracks Bitcoin ETF Review<\/h2>\n

Earlier this morning, several prominent players in the financial industry submitted their final registration<\/a> of securities amendments for a Spot Bitcoin ETF.\u00a0<\/p>\n

The list of applicants includes VanEck, Bitwise, Fidelity, Valkyrie, Franklin, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy. This development has further fueled the bullish Bitcoin price action.<\/p>\n

In recent updates regarding the Bitcoin ETF applications, James Seyffart, an ETF expert at Bloomberg, revealed <\/a>that the 19b-4 filings were pouring onto the SEC website.\u00a0<\/p>\n

Although the process typically takes a few days to a couple of weeks, this influx of filings indicates that the SEC is expediting its review for this week.\u00a0<\/p>\n

It is worth noting that the timeframe of January 8th to 10th has been closely watched by industry observers, and the accelerated pace of the SEC\u2019s actions<\/a> during this period adds to the anticipation surrounding the Bitcoin ETF approval.<\/p>\n

Standard Chartered Expects $200,000 Bitcoin Price<\/h2>\n

As the Bitcoin price continues its upward trajectory, accompanied by widespread anticipation of imminent ETF approval, British multinational bank Standard Chartered has made a significant statement<\/a>.\u00a0<\/p>\n

The bank believes that ETF approval<\/a> will serve as a pivotal catalyst for Bitcoin\u2019s price surge, heralding a transformative moment for institutional participation in the cryptocurrency.\u00a0<\/p>\n

Standard Chartered expects this approval to drive substantial inflows and contribute to significant price gains for Bitcoin.<\/p>\n

Standard Chartered views the approval of Bitcoin ETFs as a watershed moment in normalizing institutional investment in Bitcoin. With regulatory clearance for ETFs, institutional money<\/a> is expected to pour into the cryptocurrency market, further validating Bitcoin as an asset class.<\/p>\n

Standard Chartered predicts that the price gains resulting from the approval of spot Bitcoin ETFs in the United States will be of a similar magnitude as witnessed previously.\u00a0<\/p>\n

However, the bank anticipates these gains to materialize over a shorter period of one to two years, considering the accelerated development of the Bitcoin ETF market.\u00a0<\/p>\n

In line with their end-2024 projection of Bitcoin reaching $10,000, Standard Chartered expects the approval of ETFs to drive inflows that could potentially elevate the price to around $20,000 by the end of 2025.<\/p>\n

Bitcoin has reached the $47,100 mark, up a staggering 6.5% in the last 24 hours alone, coupled with an 8.7% increase in the last seven days.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

With the Bitcoin price soaring to new highs, the cryptocurrency community is excitedly buzzing as all signs point towards an imminent approval of the highly anticipated Bitcoin Exchange-Traded Fund <\/a>(ETF) applications.\u00a0<\/p>\n

This positive sentiment has propelled the Bitcoin price past the $47,100 mark, reaching levels not seen since April 2022 and inching closer to the coveted $50,000 milestone and its all-time high (ATH) of $69,000.<\/p>\n

SEC Fast-Tracks Bitcoin ETF Review<\/h2>\n

Earlier this morning, several prominent players in the financial industry submitted their final registration<\/a> of securities amendments for a Spot Bitcoin ETF.\u00a0<\/p>\n

The list of applicants includes VanEck, Bitwise, Fidelity, Valkyrie, Franklin, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy. This development has further fueled the bullish Bitcoin price action.<\/p>\n

In recent updates regarding the Bitcoin ETF applications, James Seyffart, an ETF expert at Bloomberg, revealed <\/a>that the 19b-4 filings were pouring onto the SEC website.\u00a0<\/p>\n

Although the process typically takes a few days to a couple of weeks, this influx of filings indicates that the SEC is expediting its review for this week.\u00a0<\/p>\n

It is worth noting that the timeframe of January 8th to 10th has been closely watched by industry observers, and the accelerated pace of the SEC\u2019s actions<\/a> during this period adds to the anticipation surrounding the Bitcoin ETF approval.<\/p>\n

Standard Chartered Expects $200,000 Bitcoin Price<\/h2>\n

As the Bitcoin price continues its upward trajectory, accompanied by widespread anticipation of imminent ETF approval, British multinational bank Standard Chartered has made a significant statement<\/a>.\u00a0<\/p>\n

The bank believes that ETF approval<\/a> will serve as a pivotal catalyst for Bitcoin\u2019s price surge, heralding a transformative moment for institutional participation in the cryptocurrency.\u00a0<\/p>\n

Standard Chartered expects this approval to drive substantial inflows and contribute to significant price gains for Bitcoin.<\/p>\n

Standard Chartered views the approval of Bitcoin ETFs as a watershed moment in normalizing institutional investment in Bitcoin. With regulatory clearance for ETFs, institutional money<\/a> is expected to pour into the cryptocurrency market, further validating Bitcoin as an asset class.<\/p>\n

Standard Chartered predicts that the price gains resulting from the approval of spot Bitcoin ETFs in the United States will be of a similar magnitude as witnessed previously.\u00a0<\/p>\n

However, the bank anticipates these gains to materialize over a shorter period of one to two years, considering the accelerated development of the Bitcoin ETF market.\u00a0<\/p>\n

In line with their end-2024 projection of Bitcoin reaching $10,000, Standard Chartered expects the approval of ETFs to drive inflows that could potentially elevate the price to around $20,000 by the end of 2025.<\/p>\n

Bitcoin has reached the $47,100 mark, up a staggering 6.5% in the last 24 hours alone, coupled with an 8.7% increase in the last seven days.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/p>\n

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