Bitcoin Surges Past the $47,000 Price Mark

Bitcoin has been riding the bullish wave this past week after a slight decline to around $42,000.

News about the potential approval of a spot in Bitcoin ETF reignited the investors’ bullish flame, and the price broke past the $47,000 mark.

This happened after a 6% surge in the past 24 hours, and the BTC token has a trading volume of around $45 billion.

The US Securities and Exchange Commission is supposed to give its answer about the Bitcoin ETF applications on Wednesday, and investors are feeling optimistic about the outcome.

Statistics reveal that there is a 5% chance of the SEC turning down the applications.

Nevertheless, there is no guarantee of a positive price movement after the potential approval. In fact, there are a lot of analysts who state that there will be a drop right after a positive decision.

There haven’t been many significant price swings for most of the market, following after Bitcoin. The most significant surge was recorded by Stacks (STX) – the price of the popular altcoin gained 25% on the weekly chart and is currently trading around $2.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.