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The crypto market showed signs of recovery on January 5th, driven by expectations that the United States Securities and Exchange Commission (SEC) would approve a Spot Bitcoin exchange-traded fund (ETF). The optimism among investors was bolstered by increasing reports on social media pointing to January 5th, reviving positive sentiments.
Will a Bitcoin ETF Approval Arrive?
In particular, TechCrunch senior crypto reporter Jacquelyn Melinek contributed to the widespread excitement about the anticipated process by citing extremely close sources that pointed to “multiple” ETF approvals expected on Friday.
However, a number of prominent analysts led by James Seyffart from Bloomberg stated that the January 5th date was nothing more than a rumor and reiterated their views that the SEC’s decision would be made between January 8th and January 10th.
Although there is no certainty as to when the approval will come, all major cryptocurrencies experienced a noticeable rise, shedding light on the great hopes investors have for a Spot Bitcoin ETF.
Additionally, some market experts have offered interpretations to make sense of this revival. As suggested in a report by Matrixport earlier in the week, investors who benefited from the decline due to the possibility of the SEC rejecting the Spot Bitcoin ETF may have triggered this rise.
The Matrixport report included a warning that a potential rejection could drive the price of BTC down to $36,000. Nonetheless, the market’s lively response to the recent decline was interpreted as investors turning the downturn into a strategic buying opportunity.
Current State of Cryptocurrencies
The global crypto market cap increased by 0.66% in the last 24 hours, reaching $1.66 trillion and displaying a positive outlook. However, as of Friday, January 5th, the total volume of the crypto market saw a 29% decrease from the previous day, down to $78.5 billion.
Examining the prices of cryptocurrencies, Bitcoin’s price increased by 1.17% in the last 24 hours, trading at $43,860.15. The highest value in the last 24 hours was $44,770, while the lowest was $42,784. Additionally, Ethereum‘s price showed a positive trend with a 0.47% increase, trading at $2,251.02 at the time of writing.
Looking at some of the leading cryptocurrencies, Solana‘s price increased by 0.73% to $100.85, while its trading volume decreased by 23% to $3.4 billion.
Finally, looking at BNB, its price has increased by 0.5% in the last 24 hours, trading at $319 at the time of writing.
