Bitcoin Breaches the 45K Threshold in Anticipation of ETF Approval

Bitcoin Breaches the 45K Threshold in Anticipation of ETF Approval 

Bitcoin breached the 45K threshold, and the cryptocurrency market valuation surged to USD 1.74 trillion in the past 24 hours. The global trading volume registered a substantial 20% rise, while the market has climbed 4.65% against the US dollar since yesterday. 

 

The Crypto Economy Expands to USD 1.74 Trillion

The crypto economy expanded to USD 1.74 trillion, and the market witnessed a growth of 4.65% in the last 24 hours, riding the wave of optimism for a potential Spot Bitcoin ETF approval this week. 

Bitcoin (BTC) reached a peak of USD 45,922 during the day but has since declined to the USD 45,500 range after reaching that peak level. The top ten crypto assets have witnessed gains, with Solana (SOL) leading the pack by more than 8%.

Bitcoin increased by 6.4%, while Ethereum (ETH) spiked 4% higher on Tuesday. Bitcoin commands 50.8% of the market valuation, while the Ethereum market cap accounts for 16.5% of the USD 1.74 trillion crypto economy. According to coinglass.com data, the Bitcoin USD 45K breach has led to USD 84 million in short liquidations. 

Ethereum shorts witnessed USD 25.96 million in liquidations and Solana (SOL) short positions led to USD 10 million in liquidations. Sei (SEI), Astar (ASTR), and Ordi (ORDI) recorded double-digit gains between 15% and 22% on Tuesday over Monday. The three tokens were also up between 24% and 55% against the US dollar over the past seven days.

Bitcoin SV (BSV), Helium (HNT), and Maker (MKR) were the biggest losers in the market today, declining between 2.8% and 6.3%, despite the prevailing positive market sentiment. 

Spot Bitcoin ETF Speculation and Pre-Halving Optimism 

The market awaits the much-anticipated approval of a Spot Bitcoin ETF in the United States, and this optimism has led to the recent market surge. With Bitcoin breaching the USD 45K level, the upcoming halving in April draws closer, promising to further boost its value. This event, coupled with regulatory and technological advancements, adds to the bullish sentiment in the crypto sector.

What is your take on the crypto economy and market this week? Please share your thoughts and opinions about this subject in the comments section below.