Chair

Wednesday

Bitcoin

Standard

Spot

<a href="https://bitcoinworld.co.in/bitcoin-price-tested-47k-as-trading-volume-soars-nearly-120/" title="Bitcoin Price Tested $47k As Trading Volume Soars Nearly 120%" rel="nofollow"></a>
The price of Bitcoin crossed $47,000 for the first time in over 20 months with trading volume soaring almost 120% as several reports claim ETF approval will happen this week. 
Earlier today, Bitcoin reached $45,000, its highest since May 2022, when the market collapsed following Terraform Lab’s UST and LUNA crash.&nbsp; 
However, Bitcoin’s rally continues, as its <a href="https://coinstats.app/coins/bitcoin/">price</a> reached $47,155 before dropping slightly to $46,750 at the time of writing, recording a nearly 6% rise in 24 hours.&nbsp; 
<figure id="attachment_61812" aria-describedby="caption-attachment-61812" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-61812" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-10-483x300.png" alt="" width="580" height="360" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-10-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-10.png 760w" sizes="(max-width: 580px) 100vw, 580px">
 <figcaption id="caption-attachment-61812" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
At the same time, BTC trading volume is also soaring across all major exchanges.&nbsp; 
According to CoinMarketCap, BTC’s daily trading volume has increased by over 120% today, and its market cap has increased by 6%.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/the-approval-of-spot-bitcoin-etfs-is-inevitable-former-sec-chair-jay-clayton/" aria-label="“The Approval Of Spot Bitcoin ETFs Is Inevitable – Former SEC Chair Jay Clayton” (Edit)">The Approval Of Spot Bitcoin ETFs Is Inevitable – Former SEC Chair Jay Clayton</a> 
This shows a large volume of net investment inflow as traders demonstrate tremendous confidence in the leading token.&nbsp; 
The rally is fueled by several reports of imminent spot Bitcoin ETF approval by the SEC, either this week or early next week.&nbsp; 
Just moments ago, the former SEC Chair Jay Clayton, said in an <a href="https://bitcoinworld.co.in/the-approval-of-spot-bitcoin-etfs-is-inevitable-former-sec-chair-jay-clayton/">interview</a> with CNBC that the approval of Spot Bitcoin ETFs is inevitable and might come this Wednesday or Thursday. 
Earlier today, banking giant Standard Chartered predicted that Bitcoin might witness $50 to $100 billion in net flows if the SEC approves the spot ETF.&nbsp; 
There is strong market confidence in Bitcoin, and further demand driven by fear of missing out from the community is driving BTC prices to the $50,000 mark. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/what-happened-to-sol-and-solana-meme-tokens-collapse-after-december-pump/" aria-label="“What Happened To SOL And Solana Meme Tokens Collapse After December Pump” (Edit)">What Happened To SOL And Solana Meme Tokens Collapse After December Pump</a> 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/bitcoin-price-tested-47k-as-trading-volume-soars-nearly-120/">Bitcoin Price Tested $47k As Trading Volume Soars Nearly 120%</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Bitcoin Price Tested $47k As Trading Volume Soars Nearly 120%

ItsBitcoinWorld

Other articles published on Jan 9, 2024

SEC Officially Approves Spot Bitcoin ETF Listing

Price Analysis: The Price Of Polkadot (DOT) Fell More Than 4% In 24 Hours

Price Analysis: The Price Of Filecoin (FIL) Down More Than 6% Within 24 Hours

Imminent Breakthrough in Technical Analysis Signals Major Bitcoin Price Movements

Positive Start for Crypto Markets in 2024 Despite Solana’s Struggles

What’s Next After Bitcoin ETF Approval? Analyst Shares Interesting Developments

Join our free newsletter for daily crypto updates!