Bitcoin Leaves Tesla in the Dust: Soars Towards $38,000 as ETF Buzz Builds

"Anticipation Builds as U.S. SEC Considers Approval of 12 Bitcoin ETF Applications"

Bitcoin’s market cap has more than doubled since the beginning of the year, reaching $735 billion. This surge is largely attributed to the growing anticipation of the potential approval of 12 spot Bitcoin ETF applications by the U.S. Securities and Exchange Commission (SEC). Bloomberg Intelligence analysts predict a 90% chance of approval by January 10, 2024.

Currently, only six U.S. companies have a higher market cap than Bitcoin. Additionally, Bitcoin accounts for over half of the total cryptocurrency market. In terms of performance, Bitcoin’s price increased by 130% in 2023, making it the second-best performer in the S&P 500 rankings, surpassed only by NVIDIA Corp and Meta Platforms Inc. This marks the fourth consecutive week of gains for Bitcoin, the longest streak since January 2023.

Companies associated with Bitcoin, such as Marathon Digital Holdings Inc., Riot Platforms Inc., and Coinbase Inc., have also experienced significant increases in response to this rally. However, the stance of Elon Musk, CEO of Tesla Inc., remains unclear regarding Bitcoin. On a different note, Cathie Wood’s Ark Invest is teaming up with 21Shares to launch a suite of crypto-focused ETFs.

Earlier today, Bitcoin’s market cap surpassed that of Tesla, reaching $717.23 billion compared to Tesla’s $706.06 billion, according to CompaniesMarketCap data. Bitcoin’s value has seen a surge of over 120% this year, hitting an 18-month peak near $37,000 before falling back to around $36,568. This significant growth has resulted in losses of over $65 million for Bitcoin short sellers.

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Martin Reid

Martin Reid

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