Bitcoin (BTC) Price Pumps Above $47,000 As ETF FOMO Explodes – Where Next Is It Headed Next?
The Bitcoin (BTC) price just vaulted above $47,000 for the first time since April 2022 as FOMO comes in ahead of the expected approval of spot Bitcoin ETFs by the US SEC later in the week.
Bitcoin is up 7% on the day, taking its gains since the start of the year to 11%.
That means the Bitcoin (BTC) price is now up a staggering 87% from its September 2023 lows at $25,000.
The consensus expectation amongst market participants is that the SEC will approve multiple spot Bitcoin ETFs by Wednesday.
⚠️ Looking like Weds now for Bitcoin etf descion, expected to be approved – Kate Rooney on CNBC
— *Walter Bloomberg (@DeItaone) January 8, 2024
Various US spot Bitcoin ETF applicants including BlackRock, Grayscale and Fidelity updated their filings once again on Monday.
Moreover, various applicants also revealed the fees they plan to charge ETF investors.
The #Bitcoin ETF Fees:
Grayscale: 1.50%
Hashdex: 0.90%
Valkyrie: 0.80%
Invesco Galaxy: 0.59%
Wisdomtree: 0.50%
Fidelity: 0.39%
Blackrock: 0.30%
Franklin: 0.29%
Ark: 0.25%
VanEck: 0.25%
Bitwise: 0.24%#BitcoinETF #BitcoinETFs
— LondonCryptoClub (@LDNCryptoClub) January 8, 2024
These headlines have clearly helped pump fear of missing out (FOMO) of potential Bitcoin price upside amongst market participants.
Most crypto market analysts, investors and observers view the long-awaited approval of spot Bitcoin ETFs in the US as likely to be a historic moment for the Bitcoin market.
The approval of spot Bitcoin ETFs will be interpreted as a regulatory thumbs up from regulators in the world’s largest economy.
This will boost BTC’s legitimacy, easing skepticism that has long kept many investors away from the crypto market.
Spot Bitcoin ETFs will also be easy for traditional investors to invest in.
Rather than needing
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