SCBFF - Bitcoin Blasts Back: ETF Approval Dreams Fuel Surge To $47K | Benzinga
Bitcoin (CRYPTO: BTC) has surged past the $47,000 mark, a peak not seen since April 2022, fueled by expectations that U.S. regulators are on the brink of approving exchange-traded funds (ETFs) that directly invest in the cryptocurrency.
Bitcoin made a high of $47,281 on Monday.
ETF Applications Signal A New Era
Leading financial institutions like BlackRock Inc. (NYSE: BLK), Ark, Fidelity, Invesco, Galaxy Digital and WisdomTree have recently updated their S-1 applications with the SEC.
This move is interpreted by market analysts as a decisive effort to launch these investment products, more than 10 years since the first application was submitted.
Regulatory Decisions Awaited
The SEC faces a deadline of Jan. 10 ...