Bitcoin breaks through $ 47,000 mark

Coingecko’s press service notes that on the evening of January 8, bitcoin quotes BTC $98,766.40 Bitcoin 0.25% Market capitalization $1.95 trillion VOL. 24 hours $4.57 billion rose above $ 45,000 again, and later rose to $ 47,000. The jump occurred amid expectations of approval for the launch of spot bitcoin ETFs, which are expected to be adopted this week. Analysts believe that there is more than a 90% chance of a positive scenario from the US Securities and Exchange Commission (SEC), which is why many traders are enthusiastic.

According to the analytical tracker CoinMarketCap, as of the morning of January 9, the main cryptocurrency BTC $98,766.40 Bitcoin 0.25% Market capitalization $1.95 trillion VOL. 24 hours $4.57 billion was trading at $ 46,785 with a market capitalization of $ 916.6 billion. Traders made daily trading deals worth $ 41.1 billion. Bitcoin’s market dominance increased to 53.2%.

Altcoins also showed significant growth. In particular, Solana SOL $256.29 Solana -0.40% Market capitalization $121.65 billion VOL. 24 hours $1.33 billion went up by 13.3%, and Avalanche AVAX $43.21 Binance-Peg Avalanche 20.02% Market capitalization $86.42 million VOL. 24 hours $0.31 billion - by 11.4%.

As a reminder, Arthur Hayes, the former CEO of BitMEX, recently gave a negative forecast for the flagship cryptocurrency. The crypto expert is confident that it will decline by at least 20−30% in March 2024 from whatever level it reaches at that time. The reason is the US financial policy.

According to Hayes, BTC will return to growth right after March 20. On that day, the Federal Reserve will provide a forecast of changes in the key rate, which is currently being prepared by the Federal Open Market Committee.

Meanwhile, crypto industry analysts from Matrixport emphasized that if the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin ETFs in early January, the value of BTC will rise to $ 50,000 by the end of the month.