Bitcoin reaches $47,000 for the first time in two years

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Bitcoin reaches $47,000 for the first time in two years

Picture: Instagram.

The bitcoin price has exceeded $47,000 for the first time in two years.

According to the website specializing in cryptocurrencies Coinmarketcap, the price of Bitcoin increased by 7% in 24 hours, to reach about $ 47,000 on Monday, January 8th.

This increase would be due to the anticipation of the launch of an ETF (Exchange Traded Funds) on Bitcoin, on the American market. The deadline for the final examination of applications for these products being set for Wednesday, January 10, many sources relayed by local media predict the imminent approval of the SEC.

An inevitable approval?

The launch of a spot ETF on Bitcoin should attract institutional investors, who have not been able to invest directly in bitcoin. In this case, the price of the cryptocurrency should rise further.

Among the media have relayed the information, Jay Clayton’s comment on CNBC could have particularly influenced the price of the cryptocurrency. According to him, “the approval of a spot ETF on Bitcoin is inevitable”.

According to the channel, the US market regulatory authority – the SEC – should approve the launch of several ETF products on Bitcoin tomorrow. Transactions could then start from January 11 or 12.

ZDNet Korea

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