Bitcoin surpasses $47,000 ─ Expectations for physical ETFs are at their peak | CoinDesk JAPAN

As expectations for the approval of a Bitcoin spot ETF (Exchange Traded Fund) in the United States reach a fever pitch, Bitcoin (BTC) rose to $47,000 (approximately 6,815,000 yen, 1 (converted to 145 yen to the dollar).

Bitcoin soared from mid-morning Asian levels of $43,200 to a 19-month high of $47,192 during U.S. trading, according to data from CoinDesk Indices. It’s up nearly 7% in the past 24 hours.

The rally comes as investors anxiously await a regulatory decision on the first U.S. Bitcoin spot ETF, expected later this week. Most market players expect approval, and bulls expect a Bitcoin spot ETF to dramatically expand the investor base for Bitcoin and attract large amounts of capital.

On the 8th, major asset management firms including BlackRock, Fidelity, and Grayscale submitted updated S-1 filings to the U.S. Securities and Exchange Commission ahead of the surge. (SEC), and multiple issuers have announced the fees they charge investors.

Joel Kruger, market strategist at LMAX Group, said in an email that the announcement could push Bitcoin’s price even higher if it does indeed receive SEC approval.

“If approved, we could see a 10% to 15% rally driven by money sitting on the sidelines,” Krueger said, but “if not approved, we could see a 10% to 15% rally.” “We expect it to have potential, but we expect strong support above $30,000.”

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: BTC Blasts Past $47K as Bitcoin ETF Excitement Gets Feverish