#Where.is.Bitcoin.heade after crossing the $47,000 mark?
The price of Bitcoin (BTC) rose above $47,000 for the first time since April 2022, driven by growing excitement in anticipation of the expected approval by the US Securities and Exchange Commission (SEC) for the establishment of exchange-traded funds for spot Bitcoin trading (spot Bitcoin). ETFs) later this week, as the value of BTC rose by 7% within one day, bringing its gains since the beginning of the year to 11%, which means that the price of Bitcoin (BTC) rose by a significant percentage of 87% compared to its lowest levels recorded in September. /September 2023 when it reached $25,000. A chart of the price of the BTC/USD pair showing an increase of 87% since September - Source: #TradingView The consensus among industry experts is that the Securities and Exchange Commission is heading to approve the creation of several ETFs by next Wednesday. Excitement is growing over the upcoming approval of #Bitcoin.Spot.ETFs
Several companies that have applied to set up spot Bitcoin ETFs in the US - including #BlackRock,Grayscale.and.Fidelity - updated their applications again on Monday, while several other applicants revealed the fees they will charge. They plan to impose it on ETF investors.
This news - without any doubt - reinforces the feelings of fear of missing out on the opportunity to make a profit (FOMO) among participants in the sector and pushes them to invest in Bitcoin in the hope of reaping gains when its potential price rises, as most analysts, investors and observers in the crypto sector believe that the long-awaited approval The launch of Bitcoin Spot ETFs in US markets may constitute a historic moment for the Bitcoin market.
In practice, these approvals will be interpreted as official approval from the regulatory authorities of the largest economy in the world, and this will result in strengthening the legal status of Bitcoin and alleviating the doubts that have long prompted many investors to refrain from directing their investments towards digital currency markets.
$BTC
