Bitcoin surpasses $47,000 for first time since late 2021
Quick Take
- The price of bitcoin broke past $47,000 at around 2:15 p.m. ET on Jan. 8.
- Bitcoin’s price hasn’t been that high since December 2021, The Block’s price data show.
The price of Bitcoin surpassed a significant level as the race for a spot exchange-traded fund approval heats up.
The world's most popular cryptocurrency by market capitalization broke past $47,000 at around 2:15 p.m. ET. Bitcoin now trades at $47,109 as of 2:20 p.m. ET — a 6.85% 24-hour increase — The Block's bitcoin price data show.
The price of bitcoin surpassed $47,000. Source: The Block
Bitcoin surpassed $45,000 this morning at 8:00 a.m. ET, correlating with $6 million in shorts, The Block previously reported.
Spot bitcoin ETF bullishness
As the first-ever spot bitcoin ETF gears up for a potential green light, the effect of a new exchange-traded fund could drastically impact the cryptocurrency market. Bitcoin and other crypto markets saw renewed interest as a spot bitcoin ETF approval became increasingly more expected toward the end of last year, with crypto exchange volume breaking $1 trillion for the first time since late 2022.
A spot bitcoin ETF could cause up to $100 billion in new inflows to occur throughout 2024, leading to a possible future of bitcoin's price reaching $200,000 by the end of the year, Standard Chartered said earlier today.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
