Bitcoin has reached $47,000 for the first time in over 20 months, as several reports claim ETF approval will happen this week.

Earlier yesterday 8th January, Bitcoin reached $45,000, its highest since May 2022, when the market collapsed following Terraform Lab’s UST and LUNA crash. However, Bitcoin’s rally continues, as it reached $47,000 at the time of writing, recording a nearly 6% rise in 24 hours. 

At the same time, BTC trading volume is also soaring across all major exchanges. According to CoinMarketCap, BTC’s daily trading volume has increased by over 120% during this period, and its market cap has increased by 6%. This shows a large volume of net investment inflow as traders demonstrate tremendous confidence in the leading token.