Updated January 9th, 2024 at 11:33 IST

Bitcoin touches $47,000 level, altcoins join positive rally

All eyes are on the US SEC's decision on Bitcoin ETF approval which is expected to be announced anytime this week.

Reported by: Business Desk
Bitcoin | Image:Republic

Crypto market overview: The crypto market experienced a rise of 5.8 per cent in the last 24 hours, resulting in a total market capitalisation of $1.8 trillion. Bitcoin has recorded a major uptick to reach the $47,200 level and currently trading at $46,731 with 7.21 per cent gains in the last 24 hours. Other leading cryptocurrencies including Ethereum, BNB, Solana, XRP, MATIC, and Dogecoin have also recorded strong performance in the last 24 hours. 


The crypto fear and greed index is highly positive and has jumped by 5 points as compared to yesterday.


Image credit: Alternative.me

Taking Gary Gensler’s remarks on the crypto security as a positive omen, the CoinSwitch markets desk told Republic Business that a similar security notice was released by the SEC right before the approval of Bitcoin futures ETF approval. CoinSwitch said, “With just one day to go for the SEC’s decision on ARK/21 Share’s Bitcoin ETF, SEC Chief Gary Gensler posted a series of posts on Twitter mentioning the risks associated with cryptocurrency investments. If history is to be repeated, this might be considered a positive sign. In Oct 2021, a similar post was made by the SEC’s investor education account, a day before the first Bitcoin futures ETF became effective.”


“However, the market has reacted positively to the tweet as BTC jumped 5 per cent after this and is up 8 per cent in the last 24 hours after a slight dip to nearly $43,000 yesterday morning. For Bitcoin, however, $48,000 is a major resistance just before the crucial psychological figure of $50,000. With the ETF approval being seen as a huge positive in the industry, huge volatility is expected as the final deadline of 10th January comes closer,” CoinSwitch added. 

Bitcoin ETF approval is inevitable: Jay Clayton

Underlining the comments from Jay Clayton, Sudeep Saxena, Co-founder, Coin Gabbar said, “Bitcoin had a favourable start to the week, experiencing a 7.50 per cent increase in the past 24 hours. According to a former Chairman of the United States Securities and Exchange Commission (SEC), the approval of a spot Bitcoin ETF is deemed inevitable.”

Hoping that the SEC’s decision on Bitcoin ETF will be announced anytime this week, Edul Patel CEO of Mudrex said, “All eyes are on the imminent SEC decision on Bitcoin ETF approval, expected this week. BTC has demonstrated a positive trend for the last five days, exhibiting a 10 per cent increase from the beginning of the month and an outstanding 173 per cent surge year-to-date. If the current price level is sustained, the next challenge lies at the $49,000 level.” 


Shivam Thakral, CEO of BuyUcoin said, “The overall crypto market witnessed a mini rally as the deadline for SEC approval for Bitcoin ETF nears. The total crypto market cap touched the $1.72 trillion mark with Bitcoin and Ethereum jumping by almost 8 per cent and 6 per cent respectively. Any confirmation of ETF approval by the SEC will push the market higher and may lead to a market-wide rally. It is important to note that Bitcoin has surged by 10 per cent since the beginning of 2024.” 


Published January 9th, 2024 at 11:33 IST