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Bitcoin climbs above $45k as analysts prepare for an ETF-inspired ‘massive price spike’

The cryptocurrency market started 2024 off in the way it finished 2023 – climbing higher, as the community counts down the days to the anticipated approval of the first spot Bitcoin (BTC) exchange-traded fund (ETF), which could come by Wednesday, January 10.

Stocks fared worse after closing last year near record highs, falling under pressure at the market open on Tuesday and largely trading in the red throughout the day as traders await Friday’s December jobs report, which could provide additional insights into the Fed’s thinking on interest rates moving forward.

At the closing bell, the S&P and Nasdaq finished lower, down 0.57%, 1.63%, respectively, while the Dow gained and 0.07%. The U.S. 10-year Treasury yield briefly spiked to 4.024% but has since pulled back to 3.941%, while the DXY increased 0.80% to trade at 102.233 at the time of writing.

Data provided by TradingView shows…

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