Bitcoin
(BTC)
on
Monday
topped
$47,000
for
the
first
time
since
April
2022
as
anticipation
for
a
landmark
spot-based
BTC
exchange-traded
fund
(ETF)
approval
in
the
U.S.
is
reaching
a
fever
pitch.
The
largest
and
original
cryptocurrency
rose
sharply
from
$43,200
during
Asia
morning
hours
to
a
fresh
19-month
high
of
$47,192
during
the
U.S.
trading
session,
CoinDesk
Indices
data
shows.
BTC
gained
almost
7%
over
the
past
24
hours.
For
full
coverage
of
bitcoin
ETFs,
click
here.
The
rally
happened
as
investors
are
anxiously
awaiting
a
regulatory
decision
for
the
first
spot-based
bitcoin
exchange-traded-funds
in
the
U.S.,
expected
sometime
this
week.
Most
market
observers
expect
an
approval,
with
bulls
forecasting
that
these
vehicles
would
dramatically
expand
the
investor
base
for
the
asset
and
attract
large
inflows.
Read
more:
Bitcoin
ETFs:
The
Bull
Case
Applicants
including
asset
management
giants
BlackRock,
Fidelity
and
Grayscale
earlier
today
submitted
updated
S-1
filings
to
the
U.S.
Securities
and
Exchange
Commission
(SEC)
and
multiple
issuers
revealed
the
fees
they
would
charge
investors.
In
case
an
SEC
approval
truly
arrives,
the
announcement
could
push
bitcoin’s
price
even
higher,
LMAX
Group
market
strategist
Joel
Kruger
noted
in
an
email.
“An
approval
could
trigger
a
10-15%
rally,
fueled
by
sidelined
capital,”
Kruger
said.
“If
there’s
no
approval,
projections
hint
at
a
possible
correction,
but
strong
support
above
$30,000
is
expected.”
