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#BTC stands upon $44,000, more pump?#
Bitcoin Spot ETF likely to be approved by the US SEC by January 10, BTC price sustains above $44,000
Bitcoin traded above the $44,000 mark on Friday as Fox Business reported that the SEC is likely to approve Spot BTC ETF by January 10.
Spot Bitcoin ETF approval is expected to usher in institutional capital and demand for BTC, catalyzing gains in the cryptocurrency.
Bitcoin price eyes $48,000 target with sustained demand for BTC among market participants.
Bitcoin price sustained above $44,200 on Friday. The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.
According to a Fox Business report, sources close to the SEC revealed that an approval is likely by January 10, 2024.
Bitcoin Spot ETF likely to be approved by the US SEC by January 10, BTC price sustains above $44,000
Bitcoin traded above the $44,000 mark on Friday as Fox Business reported that the SEC is likely to approve Spot BTC ETF by January 10.
Spot Bitcoin ETF approval is expected to usher in institutional capital and demand for BTC, catalyzing gains in the cryptocurrency.
Bitcoin price eyes $48,000 target with sustained demand for BTC among market participants.
Bitcoin price sustained above $44,200 on Friday. The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.
According to a Fox Business report, sources close to the SEC revealed that an approval is likely by January 10, 2024.
Also read: Bitcoin price rallies to $44,000 as Spot BTC ETF deadline looms
Daily Digest Market Movers: Spot Bitcoin ETF approval likely by January 10
Fox Business reports that sources close to the SEC unveiled that according to the recent guidance by the US financial regulator, an approval of the Spot Bitcoin ETF is likely by January 10.
Bloomberg ETF analyst Jeff Seyffart had predicted a 90% likelihood of Spot Bitcoin ETF approval before January 10.
The new securities offering is expected to drive institutional demand for the asset and boost capital inflow to BTC funds, in the short term.
Combined with the upcoming halving scheduled for April 2024, BTC holders expect the asset to yield massive gains next year.
Regulatory and economic catalysts that are expected to support BTC price gains are:
Argentina's Minister of Foreign Affairs, Diana Mondino’s confirmation that the country is set to embrace Bitcoin for contractual agreements.
According to a Reuters report, El Salvador approved an immigration law to grant citizenship to foreigners who donate Bitcoin to government social and economic development projects.
On-chain metrics reveal a neutral to bearish outlook on Bitcoin, as the supply on exchanges has climbed between December 2 and December 22In the past 20 days, the supply on exchanges climbed from 5.36% to 5.61%, further there is a spike in profit-taking by BTC holders, as seen in the Network Realized Profit/Loss data from Santiment.
Despite profit-taking activities and rising exchange supply of the asset, Bitcoin price continued its climb. Technical Analysis: Bitcoin price rally to $48,000 likely, BTC clears major resistance
Bitcoin price is currently in an uptrend that started on November 7, 2022. On the weekly chart, BTC price cleared a crucial resistance at $42,349, the 50% Fib level of the decline from the November ‘21 high of $69,158 to the November ‘22 low of $15,541.