Bitcoin price hits a new multi-year high above $47,000 as market participants show their excitement over institutional investors’ deepening involvement with BTC.
Bitcoin (BTC) price has broken through $47,000 for the first time since April 2022 as the deadline for the United States Securities and Exchange Commission (SEC) approval of spot Bitcoin ETFs draws near.
Bitcoin climbed rapidly from a price of $44,000 on Jan. 8, surging more than 6.5% in the last 24 hours and 177% over the last twelve months, to hit a year-to-date high at $47,284 according to data from CoinMarketCap.
Bitcoin's price performance comes as the market readies for the SEC’s potential approval of one or several of the 14 outstanding applications for a spot Bitcoin ETF product,with Bloomberg analysts predicting a decision as early as Jan. 10.
