Bitcoin Reaches $45,000 as BTC ETF Anticipation Sparks Crypto Market Surge

In the midst of a U.S. dollar crisis, major cryptocurrencies, including bitcoin, ethereum, XRP, and solana, are soaring, with bitcoin set to close the year with a remarkable 160% gain. Speculation is rife that Wall Street giant BlackRock's entry into the bitcoin market could propel prices even higher, albeit with potential risks. As JPMorgan eyes a "$16 trillion by 2030" goal in 2024, Goldman Sachs has jumped on the Bitcoin spot exchange-traded fund (ETF) bandwagon, known as the "Cointucky Derby," which analysts believe could have positive implications for ethereum, XRP, solana, and other coins. The potential approval of a bitcoin ETF is seen as a game-changer, with Goldman Sachs' head of digital assets, Mathew McDermott, emphasizing its ability to "broaden and deepen liquidity in the market" by attracting institutional investors. The bitcoin price has surged past $45,000 amid anticipation that the U.S. Securities and Exchange Commission (SEC) may approve a series of Bitcoin ETF applications this week.

Analyst Scott Melker notes, "Bitcoin is trading like an ETF is about to be approved," while Fox Business Network's Charles Gasparino suggests that BlackRock might maintain "radio silence" until the SEC completes paperwork, hinting at a potential announcement by the end of the week.

BlackRock initiated the race for a bitcoin spot ETF in June, lending significant support to the long-standing campaign for a U.S. bitcoin spot ETF. Despite past SEC rejections, the current momentum suggests a higher likelihood of approval, potentially sparking a new bitcoin price surge that could extend to ethereum, XRP, solana, and the broader crypto market, according to Goldman Sachs' McDermott. He anticipates significant adoption growth from institutional investors in the coming year, with a focus on more opaque asset classes as the market evolves.