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Bitcoin Price Surges Above $47,000 as SEC Deadline Approaches

The price of Bitcoin has surpassed $47,000, reaching a new multi-year high, fueled by market excitement ahead of the deadline for SEC approval of Spot BTC ETFs.

The SEC is soon to decide on the approval of one or more of the 14 pending applications for a Spot Bitcoin ETF product.

The rapid surge has led to massive liquidations of short positions on Bitcoin, with crypto liquidations exceeding $120 million.

Bitcoin has broken through the $47,000 barrier for the first time since April 2022, marking a pivotal moment for the iconic cryptocurrency. This breakthrough comes as the U.S. Securities and Exchange Commission approaches the deadline for the approval of one or more Spot Bitcoin ETFs, with Bloomberg analysts anticipating a decision on January 10.

Spectacular Rise of Bitcoin

Bitcoin has quickly climbed from $44,000 on January 8, increasing by over 7.5% in 24 hours and 177% over the past 12 months, to reach a yearly high of $47,300. This surge comes as the market prepares for the potential approval by the SEC of one or more Spot Bitcoin ETFs.

The last time Bitcoin was traded above $47,000 was almost 20 months ago, on April 3, 2022. This increase has also triggered a wave of liquidations of short positions on Bitcoin, with liquidations exceeding $80 million. Total liquidations across cryptocurrencies have surpassed $120 million.

SEC Admits Defeat? Warning and X Threads

3⃣Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams. These investments continue to be replete with fraud – bogus coin offerings, Ponzi & pyramid schemes, and outright theft where a project promoter disappears with investors’ money.

While many market participants expect the upward trend to continue in light of any news regarding the approval of a Spot Bitcoin ETF, the SEC has reiterated a warning against impulsive investments driven by FOMO just before the expected approval. Nevertheless, ETF products are ultimately expected to attract billions of dollars’ worth of investment flows in the coming years.

On the other hand, Gary Gensler directly posted a thread about X concerning cryptocurrencies. The SEC Chairman was keen to remind that ‘The [crypto ecosystem] continues to be rife with frauds, bogus offers, Ponzis, and plain theft.’

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