- Bitcoin price has jumped 7% in the past 24 hours to $45,707 amid hype that the SEC may approve a Bitcoin spot ETF this month. Over $133 million in short positions have been liquidated.
- Solana has led altcoin gains, rising nearly 7% to $11,168 and becoming the top performing coin in the top 20 after Bitcoin. Ethereum is also up nearly 3%.
- ORDI, the largest token on Bitcoin’s BRC-20 standard, hit an all-time high of $8,196 before dropping back down. It remains up 6% at $7,392 and is nearing the top 50 coins by market cap.
Bitcoin has seen impressive gains over the past day, boosted by growing optimism that the long-awaited spot Bitcoin ETF may finally be approved this month. The excitement has fueled a liquidation spree, while also lifting major altcoins like Solana.
Bitcoin Jumps 7% In 24 Hours, Pushing Toward $46K
The price of Bitcoin has continued climbing during the New Year’s trading period, coming within striking distance of $46,000 per coin — a level not seen since March 2022.
BTC now sits at $45,707 according to CoinGecko, up over 7% in the last 24 hours. It has risen by nearly 7% over the past week, a remarkable comeback after kicking off 2023 trading below $17,000.
The surge in Bitcoin has triggered over $133 million worth of short positions being liquidated in the past day, according to data from Coinglass. A short allows investors to bet on an asset’s price declining.
ETF Hype Builds As Decision Deadline Nears
Much of the bullish sentiment stems from mounting hype around the potential approval of a spot Bitcoin exchange-traded fund (ETF) this month.
Analysts widely expect the U.S. Securities and Exchange Commission to green light at least one of the ETF applications by January 10. Several major financial institutions, including BlackRock, have applied to launch a Bitcoin ETF.
Approval could open the floodgates for billions in institutional capital to flow into crypto markets. Investors have waited over a decade for a Bitcoin ETF.
Conclusion
The crypto market is off to an encouraging start in 2023, fueled by the long-awaited possibility of a Bitcoin ETF approval. While nothing is guaranteed, there is a sense of growing optimism that crypto may finally emerge from its winter slumber this year. Major regulatory decisions and adoption milestones lie ahead.
