Bitcoin has reached a new high $47,000 via investors' excitement in BTC ETF

Bitcoin has achieved a milestone by surpassing $47,000 for the first time in over 20 months, fueled by reports suggesting imminent approval of an ETF this week.

Earlier today, Bitcoin marked $45,000, reaching its highest point since the market turmoil in May 2022 triggered by the UST and LUNA crash from Terraform Lab. Despite this setback, Bitcoin’s upward momentum persists, currently standing at $47,000, reflecting an impressive nearly 6% surge within the last 24 hours.

Simultaneously, the trading volume of BTC is experiencing a substantial surge across major exchanges. CoinMarketCap reports a remarkable 120% increase in Bitcoin’s daily trading volume today, accompanied by a 6% rise in its market capitalization. These metrics underscore a significant influx of net investment, highlighting traders’ heightened confidence in this leading cryptocurrency.

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Bitcoin is aiming for the next milestone of $50,000, a target easily attainable with the approval of the ETF.

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Bitcoin serves as a symbolic representation of digital currency, much like gold.

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I think we can see Bitcoin around $55,000 this week after approving the ETFs.

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What if ETF is not approved this week? A short-time declining.