KEY POINTS
- Bitcoin rallied above $41,000, a value not seen since April 2022
- The surge could be due to the optimism surrounding spot BTC ETF applications
- Bitcoin was trading in the green zone at $41,418.72 as of 4:10 a.m. ET on Monday
Bitcoin, the world's largest crypto asset by market capitalization, is unstoppable with its value exploding above the $41,000 threshold and triggering nearly $150 million in liquidations.
Bitcoin traded above the $41,000 price level, a value last seen in April 2022. The positive sentiment surrounding the world's first-ever crypto asset and the hype on the imminent approval of the highly-awaited spot Bitcoin ETF applications may be among the major factors behind the continued upsurge of BTC.
However, Bitcoin's latest move also caused $190 million worth of liquidated derivates, $150 million of which was in short positions, as per CoinGlass data.
Moreover, Bitcoin Dominance, the metric used to gauge BTC's shares relative to the entire cryptocurrency market, saw a surge following the price rally and currently stands at 50.5%, underlining that the king of crypto performed extremely well compared to the altcoin market.
ETF analysts at Bloomberg Intelligence stood firm in their forecast that the odds of spot Bitcoin exchange-traded fund (ETF) approvals happening by January remains at 90%.
Reaffirming his earlier prediction on the proposed crypto investment vehicle, ETF analyst Eric Balchunas last week said, "People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we've had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs. cash creates."
The ETF analyst also highlighted that the SEC communicating with spot Bitcoin ETF issuers behind the scenes may point to the regulator's willingness to see the launch of the investment product.
"But the imp [important] thing that gets lost in the debates over exact dates and comments and timeline is the SEC and issuers are working hard behind the scenes to get these ETFs ready to go THIS CYCLE, which most said wouldn't happen. That's the bottom line," Balchunas added.
I've gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
— James Seyffart (@JSeyff) October 13, 2023
TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
Bitcoin was trading in the green zone at $41,418.72 as of 4:10 a.m. ET on Monday, with a 24-hour trading volume up by 158.11% at $25.05 billion.
BTC's price action has represented a 4.85% decrease in the past 24 hours and an 11.2% gain in the last seven days.
Data from CoinMarketCap showed that its circulating supply stands at 19.56 million BTC, while its value continues to fall by 4.85% at a $809.71 market cap.
