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Bitcoin‘s price crossed $47,000 for the first time in over 20 months, with trading volume soaring nearly 120% amid reports that an ETF approval is imminent this week.
Earlier today, Bitcoin reached $45,000, its highest level since May 2022, when the market collapsed following the Terraform Labs UST and LUNA crash.
The rally continued as Bitcoin’s price hit $47,155 before pulling back slightly to $46,750 at the time of writing, marking a nearly 6% rise over 24 hours.
BTC Price Chart | Source: Coinstats
Simultaneously, BTC trading volume has surged across all major exchanges.
According to CoinMarketCap, BTC’s daily trading volume increased by over 120% today, while its market capitalization rose by 6%.
See Also: The Approval Of Spot Bitcoin ETFs Is Inevitable – Former SEC Chair Jay Clayton
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This indicates a significant inflow of net investment, as traders demonstrate strong confidence in the leading cryptocurrency.
The rally is driven by multiple reports suggesting the SEC will approve a spot Bitcoin ETF either this week or in early next week.
Just moments ago, former SEC Chair Jay Clayton stated in a CNBC interview that the approval of spot Bitcoin ETFs is inevitable and could occur as early as Wednesday or Thursday.
Earlier today, banking giant Standard Chartered predicted that Bitcoin could see $50 billion to $100 billion in net flows if the SEC approves the spot ETF.
Strong market confidence in Bitcoin, combined with demand driven by fear of missing out (FOMO) from the community, is pushing BTC prices toward the $50,000 mark.
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The post Bitcoin Price Tested $47k As Trading Volume Soars Nearly 120% appeared first on BitcoinWorld.
