BTC rose above the $47,000 mark, recording a new high since April 2022. The Fear and Greed Index moved into the “extreme greed” zone as the Securities and Exchange Commission (SEC) is expected to make a decision on the issuance of a spot Bitcoin ETF in the U.S. the other day.

BTC Rises Above $47K

According to CoinGecko, quotes of the first cryptocurrency rose by 6.6% in the last 24 hours. At the moment, the price of BTC exceeded the $47,000 mark, a record high since April 2022. As of 13:00 (GMT+2), January 9, Bitcoin was trading at $46.5.

The growth of Bitcoin quotes was also reflected in the cost of altcoins, prices of which also showed a significant increase over the past 24 hours. The most active of the top 10 grew the prices of SOL and AVAX, which added 12.6% and 23.5%, respectively. ETH increased by 4% over the last 24 hours and reached $2,300.

The main growth driver is the rising hype around the launch of spot Bitcoin ETFs in the United States. On January 10, the SEC should make a final decision on whether to approve applications for the issuance of spot Bitcoin ETFs or postpone their consideration, as the regulator has already done several times.

As the deadline approaches, the trends in the crypto market are also changing. For example, the Fear and Greed Index moved into the “extreme greed” zone, signaling that FOMO sentiment prevails in the market, which retail investors were warned about by the SEC officials the day before. Some experienced traders also warned users about possible price manipulation in the market.

The hype around the Bitcoin ETF almost doubled the value of the first cryptocurrency over the past few months. Analysts expect that the approval of investment products based on BTC in the United States will significantly affect the growth of BTC quotations in 2024. In particular, Standard Chartered Bank predicts that the price of BTC will reach $200,000 by the end of 2025 if spot Bitcoin ETFs are approved in the U.S.

Author: Ana Bustos García
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