Bitcoin Soars Past $47K On ETF Approval Talk
By Laxmikant Khanvilkar
Investors of virtual digital assets (VDA) are excited and have already started celebrating the most awaited event – the launch of spot Bitcoin (BTC) exchange traded funds (ETFs). Although, the U.S. financial markets regulator – the Securities and Exchange Commission (SEC), is still to provide its seal of approval, but the cryptocurrency market is jubilant as signs point towards an imminent approval of the highly anticipated BTC ETF applications.
Apparently, the bitcoin price surged past the $47,100 mark, reaching levels not seen since April 2022 and inching closer to the coveted $50,000 milestone.
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.
Bitcoin added nearly 7% in the last 24-hours. It is currently trading at $46,660 up 6.7%. Ethereum (ETH), the second largest cryptocurrency, followed the suite. It recently changed hands at $2,307, adding 4.9%.
There’s optimism in the market about SEC approving most applications as several applicants have submitted their final registration of securities amendments for a Spot Bitcoin ETF.
As per market observers, the 19b-4 filings were pouring onto the SEC website.
We are seeing the rub off effect on the broader markets. Many large-cap tokens such as XRP, Solana, Cardano, Dogecoin, etc have joined the party.
Eventually, the global crypto market cap rose 6.4% to $1.73 trillion in the last 24 hours. Simultaneously, the total crypto market volume jumped 80.9% to $86.9 billion. Total volume in DeFi is currently $7.9 billion, and all stablecoins are $75.2 billion, representing 9.2% and 86.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.2%, up 0.5% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 6.2% to 58,249.
Meanwhile, SEC Chair Gary Gensler has warned investors about hazards of getting into digital assets.
Investors are in no mood to take note of Gensler’s apprehension, instead they eagerly await SEC giving green light for ETF launch.
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