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Bitcoin Reached $44K as BlackRock Gears Up for Spot BTC ETF

Bitcoin Reached $44K as BlackRock Gears Up for Spot BTC ETF

Bitcoin Reached $44K as it witnessed a sharp ascent on Tuesday. BTC scaling up from $42,000, inducing liquidations amounting to $73 million from leveraged positions primarily banking on declining prices. The abrupt surge, catapulting Bitcoin (BTC) above $44,000 on various crypto exchanges, including Coinbase, marks the first such instance since early April 2022. This uptrend of the largest cryptocurrency stems from sustained momentum, buoyed by diminishing interest rates and the hopeful prospects of a spot Bitcoin exchange-traded fund (ETF) approval in the United States.

Bitcoin Reached $44K As BlackRock Secures Seed Capital

BlackRock’s recent securing of $100,000 in “seed capital” for an imminent spot BTC ETF, as revealed in a submission to the Securities and Exchange Commission, underscores the pivotal role ETF developments play in driving Bitcoin’s valuation upwards. This financial move by BlackRock reflects strong confidence in the potential approval of its ETF application, a sentiment echoed by Bloomberg Intelligence ETF analysts projecting a 90% likelihood of approval by January 10.

Bitcoin Reached $44k 4 hour chart
Bitcoin Reached $44k 4 hour chart
source: Trading view

Speculation and Market Dynamics Propel Bitcoin’s Momentum

The speculative climate around Bitcoin further intensified with Max Keiser, a prominent Bitcoin advocate, alluding to rumors of Qatar’s sovereign wealth fund contemplating a colossal $500 billion investment in Bitcoin. Keiser’s speculation, coupled with the ETF anticipation and mounting global economic concerns, has amplified investor scrutiny on Bitcoin, propelling it to a new high for 2023.

Also Read: Binance Zero-Fee Trading On popular Crypto Pairs

Market Insights and Projections for Bitcoin Reached $44K Trajectory

The surge in Bitcoin’s valuation resulted in significant liquidations of short positions worth $167.26 million alongside $82.94 million in long positions over the past 24 hours. Analysts attribute this to heightened panic buying among traders, indicating an insufficient upside leverage.

Also Read: Crypto FOMO Fear and Greed Index Reached 74

Unprecedented Bitcoin Behavior and Future Predictions

Market analysts note that Bitcoin’s current behavior deviates from previous cycles, signaling uncharted territory. Michaël van de Poppe, founder of MN Trading, foresees Bitcoin’s trajectory, aiming for $48,500 – $50,000 before the upcoming halving projected for mid to late April 2024.


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