United

Bitcoin ETF

Bitcoin

April

<p>This weekend, the Bitcoin (BTC) price crossed the symbolic $40,000 threshold, reaching $40,846 on Sunday evening. This is its highest level since April 28, 2022. Carried by a wind of optimism, the flagship cryptocurrency is making its return to the heights after more than a year of turmoil.</p>
<h2 id="h-a-rise-that-rewards-resilient-investors">A rise that rewards resilient investors</h2>
<p>After a nightmarish year in 2022, which saw it lose up to 70% of its value between November 2021 and June 2022, Bitcoin ends 2023 with a bang.</p>
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<p>This performance comes as a reward for the patience and resilience of long-term investors, who have held on despite an unfavorable macroeconomic context (soaring inflation, restrictive monetary policies, risk of recession). Some analysts also see it as a tangible sign of the increasingly widespread adoption of cryptos by the general public and institutional investors.</p>
<p>Over the year, BTC has shown a 140% increase compared to the US dollar. Most notably, in just one month, its value has jumped by nearly 50% thanks to a wave of euphoria.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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<h2 id="h-the-specter-of-a-bitcoin-etf-looming-over-the-usa">The specter of a Bitcoin ETF looming over the USA</h2>
<p>The other catalyst behind this spectacular spring rally could be the imminent approval of a Bitcoin spot ETF (exchange-traded fund) in the United States. No fewer than 13 firms have submitted a request to the American stock market watchdog, the SEC.</p>
<p>Among the applicants, there are giants like asset management behemoth <a href="https://www.cointribune.com/en/etf-ethereum-spot-blackrock-officializes-its-request/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a> and Grayscale. According to Bloomberg ETF, there is a 90% chance that these ETFs will be approved by January 10, 2024.</p>
<p>Standard Chartered Bank even estimates that Bitcoin could break the mythical $100,000 barrier by the end of 2024, driven by the “earlier than expected” introduction of these index funds.</p>
<p>Recently, the surge above $40,000 triggered a nasty purge among short sellers, with $78 million of short positions liquidated in a matter of hours.</p>
<p>Now, all eyes are on the $50,000 threshold. According to analysis by <a href="https://app.santiment.net/labs/trends/explore/40k%20OR%20%2440k%20OR%2040,000%20OR%20%2440,000" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>, this mark could be achieved as early as January 2024 if the confirmation of the ETFs provided an additional boost to the market.</p>
<p>Regardless, the end of the year is shaping up to be exciting with heightened hopes and persistent fears (FOMO and FUD). And the upcoming approval of a Bitcoin ETF across the Atlantic could serve as a launchpad to new records. The $100,000 goal by 2024 has never seemed so within reach for the crypto star. Bitcoin’s return to grace may only be just beginning.</p>
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Bitcoin Soars Beyond $40,000: Heading Towards $100,000!

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