BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Bitcoin Surged Past $47,000 and Here is Why

BlockNews.com Team by BlockNews.com Team
January 8, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
2
SHARES
34
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bitcoin’s price has surged past $47,000 as investors anticipate potential SEC approval of spot bitcoin ETFs, which could boost price 10-15% according to a strategist
  • Spot bitcoin ETFs would allow direct investment in bitcoin, attracting fresh institutional money and increasing new product demand
  • Bitcoin fundamentals like illiquid supply and whale holdings continue strengthening, adding to bullish sentiment around spot ETF prospects

Bitcoin‘s price has surged past $47,000 as excitement builds around the possibility that the SEC could soon approve spot bitcoin exchange-traded funds (ETFs). This potential development has the crypto market feeling optimistic.

BREAKING: #Bitcoin new yearly high of $47,000 pic.twitter.com/itwloMnqIf

— BlockNews.com (@blocknewsdotcom) January 8, 2024

BTC Price Action

The price of bitcoin climbed as much as 5.4% to hit $47,766, its highest level in nearly a month. The cryptocurrency has gained over 11% in the past week. Other major cryptocurrencies like ether and XRP also rallied.

Impact of Potential Spot Bitcoin ETF Approval

According to Joel Kruger, a strategist at LMAX Digital, bitcoin could rally another 10%-15% if the SEC greenlights spot bitcoin ETFs. Unlike bitcoin futures ETFs, a spot bitcoin ETF would deal directly with the cryptocurrency itself.

Expert Analysis

A spot bitcoin ETF in the U.S. would very likely see price appreciation as a result of new product demand increasing,” said Kruger. He believes a spot bitcoin ETF could attract fresh money from institutional investors who have been hesitant to invest directly in the crypto asset.

Bitcoin Fundamentals Remain Strong

The potential for a spot bitcoin ETF comes as on-chain data shows bitcoin fundamentals have continued strengthening. For instance, illiquid supply and whale holdings have been rising.

Conclusion

While nothing is guaranteed, the prospect of the SEC approving spot bitcoin ETFs in the near future has many crypto investors feeling bullish. If spot bitcoin ETFs become a reality, it would likely provide a significant boost to bitcoin’s price and mainstream adoption. The coming days and weeks could prove pivotal for the cryptocurrency.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoincryptoLMAX Digitalsecxrp
Tweet1ShareShare
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Ethereum Whales Fuel a 200% Rally as Institutions Deepen Their Bets
CRYPTO

Ethereum Whales Fuel a 200% Rally as Institutions Deepen Their Bets

September 4, 2025
Bitcoin Balances on the Edge: Whales Retreat, Fed Decision Looms
BITCOIN

Bitcoin Balances on the Edge: Whales Retreat, Fed Decision Looms

September 4, 2025
Cardano (ADA) Gains Momentum as ETF Approval Odds Jump
CARDANO

Cardano (ADA) Gains Momentum as ETF Approval Odds Jump

September 4, 2025
Shiba Inu $1 Dream: Can It Actually Happen?
CRYPTO

Shiba Inu $1 Dream: Can It Actually Happen?

September 4, 2025
Justin Sun Gets Blacklisted by World Liberty Finance for Dumping WLFI? Here is What Happened
BUSINESS

Justin Sun Gets Blacklisted by World Liberty Finance for Dumping WLFI? Here is What Happened

September 4, 2025
Trump-Backed World Liberty Finance Freezes 3 Billion WLFI Tokens Tied to Justin Sun: Here is Why
BUSINESS

Trump-Backed World Liberty Finance Freezes 3 Billion WLFI Tokens Tied to Justin Sun: Here is Why

September 4, 2025
Load More

Related News

Ethereum Whales Fuel a 200% Rally as Institutions Deepen Their Bets

Ethereum Whales Fuel a 200% Rally as Institutions Deepen Their Bets

September 4, 2025
Bitcoin Balances on the Edge: Whales Retreat, Fed Decision Looms

Bitcoin Balances on the Edge: Whales Retreat, Fed Decision Looms

September 4, 2025
Cardano (ADA) Gains Momentum as ETF Approval Odds Jump

Cardano (ADA) Gains Momentum as ETF Approval Odds Jump

September 4, 2025
Shiba Inu $1 Dream: Can It Actually Happen?

Shiba Inu $1 Dream: Can It Actually Happen?

September 4, 2025
XRP Eyes $4 as Fed Rate Cuts Loom and ETF Buzz Builds

XRP Eyes $4 as Fed Rate Cuts Loom and ETF Buzz Builds

September 4, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews