Bitcoin surpassed the $47,000 barrier

Bitcoin reached the $47,000 mark for the first time since April 2022, following a series of form submissions modified by BlackRock Inc., Ark and other potential issuers of publicly traded funds (ETFs). This move, highlighted by analysts, represents a decisive effort to launch cryptocurrency investment products.

According to Bloomberg reports, regulators in the United States are in favor of approving, for the first time, ETFs that invest directly in crypto assets. This regulatory change has been a catalyst for the recent increase in the value of Bitcoin, which registered an increase of 6.2%, reaching $47,007.

This rise is the most significant since November 15 and marks a return to levels not seen since before the cryptocurrency crisis in the second half of 2022. Recall that Bitcoin had reached an all-time high of almost $69,000 in November 2021.

Bartosz Lipinski, CEO of Cube.Exchange, commented that the volatility of the markets last week has given way to a more stable trend, while investors await decisions on Bitcoin ETF applications.

In the cryptocurrency field, companies such as Fidelity, Invesco, Galaxy Digital and WisdomTree also filed amended S-1 applications with the SEC. The regulator has until January 10 to decide on these requests, generating expectations in the market about a possible joint announcement.

SEC Chairman Gary Gensler issued warnings about the risks inherent in investing in cryptocurrencies in a recent post on a social media platform.

The cryptocurrency market overall experienced a rebound, with Ethereum growing by 3.8% and others such as Cardano, Solana’s SOL and Polkadot recording increases between 7% and 9%. Bitcoin currently represents just over half of the total cryptocurrency market capitalization, valued at $1.7 trillion.

Cryptocurrency-related stocks also showed positive behavior. Coinbase Global, the largest cryptocurrency exchange in the US, increased by 2.3%, while Bitcoin mining companies, Marathon Digital and Riot Platforms, experienced rises of more than 7%. On the other hand, MicroStrategy, a software company that has been a benchmark for bitcoin investors, suffered a drop of 1.2%.

K. Tovar

Source: WSJ

(Reference: Traxer, Unsplash)

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