Bitcoin surges to $47,000 with a staggering surge in trading volume, soaring by almost 120%.

Bitcoin has surged to $47,000, marking its first ascent to this level in over two decades. Numerous reports suggest that approval for a Bitcoin exchange-traded fund (ETF) is imminent, potentially occurring within the current week.

Just hours ago, Bitcoin attained $45,000, its highest valuation since May 2022 when the market experienced a downturn following the crash of Terraform Lab’s UST and LUNA. Nevertheless, Bitcoin’s upward momentum persists, reaching $47,000 as of the latest update and reflecting an impressive 6% surge within a 24-hour period.

Simultaneously, the trading volume of BTC is experiencing a significant upswing across major exchanges. CoinMarketCap indicates a remarkable 120% increase in Bitcoin’s daily trading volume today, accompanied by a 6% rise in its market capitalization. This surge underscores a substantial influx of net investments, showcasing traders’ substantial confidence in the primary token.

price of bitcoin

The rally is primarily fueled by ongoing reports hinting at the imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), either later this week or early the following week. Recent statements from CNBC reporters suggest that the ETF approval might materialize on either Wednesday or Thursday.

Earlier in the day, the financial giant Standard Chartered projected that Bitcoin could witness net flows ranging from $50 to $100 billion if the SEC gives the green light to the spot ETF. The market exhibits robust confidence in Bitcoin, and additional demand stemming from the community’s fear of missing out is propelling BTC prices towards the coveted $50,000 milestone.

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Model Release Hashrate Power Noise Algo

Bitmain Antminer S21 Hyd (335Th)

Feb 2024

335Th/s

5360W

50db

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MicroBT WhatsMiner M63S

Nov 2023

390Th/s

7215W

50db

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MicroBT WhatsMiner M66S

Nov 2023

298Th/s

5513W

50db

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MicroBT WhatsMiner M63

Nov 2023

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6646W

50db

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MicroBT WhatsMiner M66

Nov 2023

280Th/s

5572W

50db

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Bitmain Antminer S21 (200Th)

Feb 2024

200Th/s

3550W

75db

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Bitmain Antminer S19 XP Hyd (255Th)

Oct 2022

255Th/s

5304W

50db

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MicroBT WhatsMiner M60S

Feb 2024

186Th/s

3441W

75db

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Bitmain Antminer T21 (190Th)

Feb 2024

190Th/s

3610W

75db

SHA-256

MicroBT WhatsMiner M60

Feb 2024

172Th/s

3422W

75db

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