BTC tops $47k as CNBC predicts Wednesday Bitcoin ETF approval

Jan. 8, 2024

By Mike Dalton

The price of Bitcoin (BTC) surpassed $47,100 on Jan. 8 amidst expectations of spot Bitcoin ETF approvals over the coming days.

Bitcoin was priced at $47,162 at 7:15 p.m. UTC. At the time, its market cap is roughly $918 billion.

The latest high represents daily gains for Bitcoin and other top-ten crypto assets. Bitcoin (BTC) is up 6.2% over 24 hours, while Ethereum (ETH) is up 4.8% over the same period. Additionally, Cardano (ADA) is up 4.6%, Avalanche (AVAX) is up 2.6%, Solana (SOL) is up 3.8%, and XRP is up 2.0%. The entire cryptocurrency market is up 4.0% over a 24-hour period.

Bitcoin’s current value represents a 21-month high not seen since April 2022. In May 2022, shortly after that previous high, an extended market crash occurred following collapse of TerraUSD and various crypto lending services. The market’s long-term price recovery began in January 2024 and has continued until today.

Possible ETF approval may be linked to gains

Though numerous factors affect Bitcoin’s price, optimism around the likely approval of a spot Bitcoin exchange-traded fund (ETF) may be one factor.

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