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Bitcoin Rockets Beyond $47K Amidst Frenzied Bitcoin ETF Anticipation

BTC Could Surge 10%-15% Higher if SEC Greenlights Spot Bitcoin ETFs, Says LMAX Strategist

Bitcoin (BTC) soared to heights above $47,000 on Monday, marking its highest point since April 2022, as the excitement surrounding the potential approval of a groundbreaking spot-based BTC exchange-traded fund (ETF) in the U.S. intensifies.

During the Asian morning hours, Bitcoin made a significant leap from $43,200 to a fresh 19-month high of $47,192 in the U.S. trading session, reflecting an impressive nearly 7% gain over the past 24 hours, according to CoinDesk Indices data.

Investors are currently on edge as they await a regulatory decision on the first spot-based Bitcoin exchange-traded funds in the U.S., anticipated to be announced sometime this week. Market observers widely anticipate approval, with bullish predictions foreseeing these ETFs expanding the investor base for Bitcoin and attracting substantial inflows.

Major players in the asset management realm, including BlackRock, Fidelity, and Grayscale, submitted updated S-1 filings to the U.S. Securities and Exchange Commission (SEC). Additionally, multiple issuers disclosed the fees they would charge investors, adding to the mounting excitement.

If the SEC indeed grants approval, this announcement could propel Bitcoin’s price even higher, suggested Joel Kruger, market strategist at LMAX Group, in an email. Kruger noted the potential for a 10%-15% surge in Bitcoin’s value, underlining the significant impact that a positive regulatory decision could have on the cryptocurrency market.

As the cryptocurrency community awaits this pivotal regulatory milestone, the fervor surrounding Bitcoin ETF approval continues to drive market dynamics, with the potential for further gains on the horizon.

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