The price of Bitcoin slowed down its ascend following a week of smashing critical resistance levels. However, the rally is likely in its early stages, with BTC preparing to see further profits in the coming months.
As of this writing, the cryptocurrency trades at $43,300, reclaiming levels last seen in 2022 before the crash to its yearly lows. In the weekly chart, BTC records a 15% rally, with Ethereum following the trend while other altcoins lagged behind the two most prominent cryptocurrencies.
Spot Bitcoin Jumps 15% In December, Eyes On Potential SEC Approval
The crypto market has witnessed another remarkable surge in Bitcoin (BTC), with a 15% increase in just the first week of December. According to QCP Capital’s latest market update, this growth takes BTC’s year-to-date (YTD) gain to 260%.
This exponential rise is primarily attributed to the anticipation surrounding the approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
On December 1st, the SEC announced that January 5th, 2024, will be the final deadline for rebuttal comments. This timeline sets the stage for probable approval in the week following.
Although QCP Capital humorously notes that the significance of the 15th anniversary of Bitcoin’s Genesis block on January 3rd, 2024, might be lost on the SEC, the “market has certainly taken note.”
As Bitcoin nears the $45,000 mark leading up to the expected announcement, investors are weighing how much of this news has already been priced. The post-ETF approval period will be critical, as the real impact depends on the actual flows from the ETF in its initial trading weeks. A ‘sell-the-news’ event is possible next year if expectations don’t match reality.
Asian Buyers Re-Enter Market, When Altcoin Season?
The December 1st announcement has also spurred renewed interest from Asian buyers, who had been less active in the preceding month. Notably, most of the recent spot gains have occurred during U.S. trading hours as investors in the country take positions in preparation for the SEC announcement.
As the market prepares for the launch of the spot ETF, investors won’t find themselves short of options. With 13…
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