Hassan Maishera
TL;DR
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Bitcoin briefly approached the $45k level on Thursday following Wednesday’s price crash.
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The rally came following optimism that the spot Bitcoin ETF approval is imminent.
BTC Price Nears $45k
Bitcoin, the world’s leading cryptocurrency by market cap, has recovered from the price crash it experienced on Wednesday. It rallied by more than 2% on Thursday to trade above $44,500 per coin.
The positive performance came following renewed optimism that a U.S. spot BTC exchange-traded fund (ETF) approval is around the corner. BTC surged by 2% to trade above $44k but has retraced and is now trading around $43,600 per coin.
Bloomberg ETF analyst Eric Balchunas revealed on Thursday that the SEC was providing final comments on the Bitcoin ETF applications, with issuers expected to update their filings accordingly.
On the same day, TechCrunch reporter Jacquelyn Melinek said that the regulatory agency will soon approve multiple applications, citing sources "extremely close to the matter."
With Bitcoin and other major altcoins up by 1% or less, Aptos and Celestia lead the market charge. APT is up by more than 13% over the last 24 hours while TIA has added more than 22% to its value during that period. The two are the best performers amongst the top 50 cryptocurrencies by market cap.
There is no difference in the total cryptocurrency market cap at the moment as it still stands at $1.66 trillion.
