The crypto community continues to monitor the activity of the SEC, which at any moment could finally give the green light to spot Bitcoin ETFs, but the rumors of an approval now upon us are enough to stir the enthusiasm of bullish traders and report BTC above 45 thousand dollars.
The 45k mark had not been exceeded by BTC since April 2022, when there was still no talk of the heavy bear market that would characterize the following months, and returning to these levels was not easy, given that the first of the cryptocurrencies managed to reverse its trend bearish despite banking crises and all the problems of the CeFi sector, including bankruptcies and legal processes.
On New Year's Day, Bitcoin's market capitalization exceeded $836 billion, with a trading volume exceeding $22 billion. And 2023 closed with a +171%, thanks to an increase of 13% in the last month and 5% in the last hours (in January 2023, BTC marked $17k).
Bitcoin ETFs on the rise
The bullish trend is driven, as we have learned in recent months, by the narrative created around BTC spot ETFs, and the community expects that this new financial instrument in the US can give the boost necessary to even reach new ATHs.
Such a vision is also favored by the institutional actors involved, such as BlackRock or Fidelity, but at the same time it should not be taken for granted. At the same time, in fact, to some it does not seem far-fetched that the ETF event is already "priced in", and that therefore we are only getting closer to a gigantic "sell the news".
Time will tell. In the meantime, the crypto community certainly doesn't mind returning to seeing BTC at the levels prior to the defeats of TerraUSD and FTX, as well as seeing it surpass Tesla (750 billion) and Meta (774 billion) in market capitalization.
