Bitcoin surpasses $47,000 for first time since late 2021

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The Block2024/01/08 19:47

By:MK Manoylov

The price of bitcoin broke past $47,000 at around 2:15 p.m. ET on Jan. 8.Bitcoin’s price hasn’t been that high since December 2021, The Block’s price data show.

Bitcoin surpasses $47,000 for first time since late 2021 image 0

The price of Bitcoin BTC +5.92% surpassed a significant level as the race for a spot exchange-traded fund approval heats up.

The world's most popular cryptocurrency by market capitalization broke past $47,000 at around 2:15 p.m. ET. Bitcoin now trades at $47,109 as of 2:20 p.m. ET — a 6.85% 24-hour increase — The Block's bitcoin price data show.

The price of bitcoin surpassed $47,000. Source: The Block

Bitcoin surpassed $45,000 this morning at 8:00 a.m. ET, correlating with $6 million in shorts, The Block previously reported.

Spot bitcoin ETF bullishness

As the first-ever spot bitcoin ETF gears up for a potential green light , the effect of a new exchange-traded fund could drastically impact the cryptocurrency market. Bitcoin and other crypto markets saw renewed interest as a spot bitcoin ETF approval became increasingly more expected toward the end of last year, with crypto exchange volume breaking $1 trillion for the first time since late 2022.

A spot bitcoin ETF could cause up to $100 billion in new inflows to occur throughout 2024, leading to a possible future of bitcoin's price reaching $200,000 by the end of the year, Standard Chartered said earlier today.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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