Bitcoin has surged past the $47,000 mark, marking a pivotal moment in its recent price trajectory. The cryptocurrency experienced a remarkable 4% increase in a single day, reaching $47,344. This surge, sustained by an 8% rise over the past seven days, reflects a robust bullish sentiment in the market.
Institutional Developments and ETFs
One of the key contributors to Bitcoin’s recent upswing is the approval of several Exchange-Traded Funds (ETFs), adding a layer of institutional legitimacy to the digital asset.
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