Bitcoin’s value surges to $47k with a staggering 120% surge in trading volume.
Bitcoin has surged to $47,000, a milestone not seen in over 20 months, amidst reports that the approval of a Bitcoin ETF is imminent this week.
Today, Bitcoin reached $45,000, its highest point since May 2022 when the market experienced a crash due to the UST and LUNA crash by Terraform Labs. However, Bitcoin’s rally has continued, with its price reaching $47,000 at the time of writing, marking an impressive increase of almost 6% within 24 hours.
Simultaneously, the trading volume of BTC is skyrocketing across all major exchanges. According to CoinMarketCap, BTC’s daily trading volume has surged by over 120% today, and its market capitalization has increased by 6%. This surge in trading activity indicates a significant influx of investments as traders display immense confidence in the leading cryptocurrency.
CoinMarketCap – BTC Trading Volume | Source:
The ongoing rally has been fueled by reports suggesting that the SEC is on the verge of approving a spot Bitcoin ETF, either later this week or early next week. Just moments ago, CNBC reporters stated that ETF approval might take place on Wednesday or Thursday.
Earlier today, banking giant Standard Chartered predicted that Bitcoin could witness a net flow of $50 to $100 billion if the SEC approves the spot ETF. The market exhibits a strong belief in Bitcoin, and the fear of missing out within the community is driving further demand, pushing BTC prices towards the $50,000 mark.
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