#BTC #etf #ETH

Why Bitcoin Suddenly Catapulted to Highs?

There are several reasons for this sudden price explosion!

The biggest narrative is surely the spot Bitcoin ETF, which could unlock as much as $70B in new demand for Bitcoin.The spot Bitcoin ETF timeline indicates an approval could come between Jan 5 and Jan 10. Bloomberg senior analysts are putting the chances of approval at over 90%.

But Bitcoin is also benefiting from macro tailwinds. The inflation top seems to be in and the Fed has stopped hiking rates. In fact, the consensus opinion is that the Fed will cut rates in 2024 – and it could be as much as a 2.75% decrease over the year, according to UBS. Interest rates have a strong effect on crypto markets. The lower the interest rate, the better for crypto.