Bitcoin has surpassed $47,000 for the first time since late 2021.

price bitcoin BTC

+6.08%
As the competition for approval of spot exchange-traded funds heats up, it has surpassed a significant level.

The world’s most popular cryptocurrency by market capitalization surpassed $47,000 around 2:15 PM ET. Bitcoin is currently trading at $47,109 as of 2:20 PM ET. This is an increase of 6.85% in 24 hours. According to Bitcoin price data from The Block.

Bitcoin price exceeded $47,000. Source: The Block

Bitcoin topped $45,000 at 8 a.m. ET this morning, correlated with $6 million in shorts, The Block previously reported.

Bitcoin ETF strength confirmed

The impact of a new exchange-traded fund could have a major impact on cryptocurrency markets as the first spot Bitcoin ETF prepares for a potential green light. Bitcoin and other cryptocurrency markets received renewed attention late last year, with cryptocurrency trading volumes surpassing $1 trillion for the first time since late 2022, as the approval of spot Bitcoin ETFs became increasingly anticipated.

Spot Bitcoin ETFs could generate up to $100 billion in new inflows throughout 2024, which could potentially push the price of Bitcoin to $200,000 by the end of the year, Standard Chartered said earlier today. .

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