Bitcoin soared 7.71% to $46,752, driven by ETF anticipation. Crypto market rose 6.80% despite SEC caution, showcasing trader optimism. (Mint)
On Tuesday, December 9, Bitcoin surged by a notable 7.71 percent, marking a significant upswing in its value. Reaching $46,752 (approximately Rs. 38.8 lakh), this milestone represented the highest point for Bitcoin in several months and throughout the year. This growth occurred just a day before the SEC's imminent decision on ARK/21 Share's proposal for a Bitcoin ETF. Within a 24-hour span, Bitcoin's value spiked by $3,512 (approximately Rs. 2.90 lakh).
Market analysts and experts conveyed the positive implications of Bitcoin's rise, reflecting a sense of optimism among traders. Many anticipate the cryptocurrency nearing the $48,000 (approximately Rs. 39.8 lakh) threshold in the near future. The speculative anticipation revolves around the potential launch of a Bitcoin ETF, generating considerable interest and excitement within the market, as stated by Rajagopal Menon, Vice President at WazirX, in an interview with Gadgets360.
Ether, another major cryptocurrency, reached $2,305 (approximately Rs. 1.91 lakh) on the same day, marking a 5.35 percent increase in its value within 24 hours.
Shivam Thakral, CEO of BuyUcoin, highlighted that the broader cryptocurrency market experienced a minor rally as the deadline for SEC approval for the Bitcoin ETF looms. Any confirmation of SEC approval could fuel further market growth and potentially trigger a widespread rally.
Despite SEC Chief Gary Gensler's warnings on the risks associated with cryptocurrency investments posted on Twitter, the market responded positively. Some analysts drew comparisons with a similar cautionary tweet made in October 2021 by the SEC's investor education account, which preceded the effectiveness of the first Bitcoin futures ETF, indicating a possible positive correlation.
Several other cryptocurrencies, including Ripple, Cardano, Avalanche, Dogecoin, Polkadot, Tron, Chainlink, Shiba Inu, Chainlink, and Polygon, recorded gains on Tuesday.
The overall cryptocurrency market experienced a 6.80 percent rise within the day. As of the latest update, the crypto market cap stood at $1.73 trillion (approximately Rs. 1,43,76,498 crore), according to CoinMarketCap.
However, a few cryptocurrencies, such as Zcash, Flex, Circuits of Value, and Husky, observed losses amid this overall upward trend.
