Bitcoin Surges Beyond $45,000 Amid Speculation of US Spot Bitcoin ETF

Bitcoin briefly surpassed $45,000 on Tuesday morning in Asia, reflecting investors' fervor as they anticipate the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.

Market Activity:

During Tuesday's morning in Asia, Bitcoin soared above $45,000, demonstrating a 5.8% increase over the past 24 hours. However, it later retreated to $44,965 at 9:25 a.m. Hong Kong time after hitting a peak of $45,083 earlier, as per The Block's data.

SEC's Expected Decision:

The market's price surge coincides with reports suggesting that the U.S. Securities and Exchange Commission (SEC) might notify 14 asset managers regarding the potential approval of their spot Bitcoin ETF applications. An announcement could arrive as early as Tuesday or Wednesday, before the Jan. 10 deadline.

Market Expert Insights:

Justin d'Anethan, Keyrock's head of APAC business development, emphasized the crypto-related nature of the surge, stating that there's no significant macro event influencing the market. He highlighted news about Blackrock, Fidelity, and other spot Bitcoin ETF applicants confirming broker names (including Jane Street, JP Morgan, Cantor Fitzgerald). This development strengthens the ongoing narrative of imminent ETF arrivals.

Expectations and Imminent Decisions:

Investors are anticipating an official decision likely within the first half of the month. The prevailing sentiment suggests a strong belief that ETFs are on the brink of approval, reinforcing the surge in Bitcoin's price.

The surge in Bitcoin's value above $45,000 underscores the palpable excitement among investors, driven by the imminent anticipation of potential spot Bitcoin ETF approvals in the United States.

The market's anticipation and fervor surrounding the prospect of spot Bitcoin ETF approvals demonstrate the significant impact such developments could have on Bitcoin's value and the broader crypto landscape. Investors closely monitor the imminent SEC decisions in anticipation of potential market-shifting outcomes.