Bitcoin has surged to $47,000, marking its first ascent to this level in over two decades. Numerous reports suggest that approval for a Bitcoin exchange-traded fund (ETF) is imminent, potentially occurring within the current week.
Just hours ago, Bitcoin attained $45,000, its highest valuation since May 2022 when the market experienced a downturn following the crash of Terraform Lab’s UST and LUNA. Nevertheless, Bitcoin’s upward momentum persists, reaching $47,000 as of the latest update and reflecting an impressive 6% surge within a 24-hour period.
Simultaneously, the trading volume of BTC is experiencing a significant upswing across major exchanges. CoinMarketCap indicates a remarkable 120% increase in Bitcoin’s daily trading volume today, accompanied by a 6% rise in its market capitalization. This surge underscores a substantial influx of net investments, showcasing traders’ substantial confidence in the primary token.
The rally is primarily fueled by ongoing reports hinting at the imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), either later this week or early the following week. Recent statements from CNBC reporters suggest that the ETF approval might materialize on either Wednesday or Thursday.
Earlier in the day, the financial giant Standard Chartered projected that Bitcoin could witness net flows ranging from $50 to $100 billion if the SEC gives the green light to the spot ETF. The market exhibits robust confidence in Bitcoin, and additional demand stemming from the community’s fear of missing out is propelling BTC prices towards the coveted $50,000 milestone.
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