BTC Skyrockets Over $47K Amid Bitcoin ETF Hysteria

• Bitcoin Surges Above $47,000 in Anticipation of U.S. BTC ETF Approval
• The Impact of Anticipated Spot-Based Bitcoin ETFs
• Participation of Major Asset Management Players
• Future Implications of SEC Approval

Bitcoin Surges Above $47,000 in Anticipation of U.S. BTC ETF Approval

For the first time since April 2022, Bitcoin$42,260 -0.64% (BTC) exceeded $47,000 on Monday. This significant surge in crypto's largest and earliest variant came amidst rising expectations surrounding a landmark approval for a U.S. spot-based Bitcoin exchange-traded fund (ETF). Data from the CoinDesk Indices revealed that BTC climbed swiftly from $43,200 during Asian trading hours to a new 19-month peak of $47,192 in the U.S. trading window, marking a nearly 7% rise within 24 hours.

The Impact of Anticipated Spot-Based Bitcoin ETFs

Investors have been eagerly awaiting a regulatory verdict on the introduction of the U.S.'s first spot-based Bitcoin ETFs, predicted to be delivered later this week. Many market watchers anticipate an approval, speculating that these investment vehicles could significantly broaden the cryptocurrency's investor pool and draw substantial funds.

Participation of Major Asset Management Players

Asset management behemoths such as BlackRock, Fidelity, and Grayscale submitted their updated S-1 filings to the U.S. Securities and Exchange Commission (SEC) earlier. Concurrently, numerous issuers disclosed the fees they intend to impose on investors.

Future Implications of SEC Approval

LMAX Group market strategist, Joel Kruger, noted in an email that an SEC approval could potentially propel Bitcoin's price even higher. Kruger suggested that a 10-15% rally could be triggered by the deployment of capital currently on the sidelines. However, he pointed out that should approval not be granted, a correction may ensue, but strong support above $30,000 is anticipated.

Edited by Jonathan Stoker