Bitcoin on Tuesday, December 9 minted a substantial profit of 7.71 percent. The value of Bitcoin, for the first time in months and this year, reached the mark of $46,752 (roughly Rs. 38.8 lakh). The growth was clocked by Bitcoin just one day before the SEC’s decision on ARK/21 Share’s proposal to launch its Bitcoin ETF. In the last 24 hours, the value of Bitcoin spiked by $3,512 (roughly Rs. 2.90 lakh).

“Bitcoin’s climb signals the optimism and bullishness among traders. This upward movement has heightened expectations of the crypto nearing the $48,000 (roughly Rs. 39.8 lakh) mark in the near future. Driving this momentum is intense speculation regarding the possible launch of a Bitcoin ETF, capturing significant interest and enthusiasm within the market,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Ether reached the price point of $2,305 (roughly Rs. 1.91 lakh) on Tuesday. It registered a price rally of 5.35 percent in the last 24 hours.

“The overall crypto market witnessed a mini rally as the deadline for SEC approval for Bitcoin ETF nears. Any confirmation of ETF approval by the SEC will push the market higher and it may lead to a market-wide rally,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

The SEC Chief Gary Gensler posted a series of posts on Twitter mentioning the risks associated with crypto currency investments. The market, however, has reacted positively to the tweet. If history is to be repeated this might be considered as a positive sign because in October 2021, a similar post was made by SEC’s investor education account, a day before the first Bitcoin futures ETF became effective.

Most cryptocurrencies recorded gains on Tuesday. These include Ripple, Cardano, Avalanche, Dogecoin, and Polkadot.

Other cryptocurrencies trading in the greens on Tuesday also included Tron, Chainlink, Shiba Inu, Chainlink, and Polygon among most others.

The overall crypto market rose by 6.80 percent over the last day. The crypto market cap, at the time of writing, stood at $1.73 trillion (roughly Rs. 1,43,76,498 crore), showed CoinMarketCap.

Among a few loss-making cryptocurrencies, Zcash, Flex, Circuits of Value, and Husky made a mark.

“The crypto fear and greed index is highly-positive, and has jumped by six points as compared to yesterday. With the ETF approval being seen as a huge positive in the industry, huge volatility is expected as the final deadline of January 10 comes closer,” the Coinswitch markets desk told Gadgets360.

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