BTC JUST HIT A NEW HIGH OF $44.7k, IS THE ETF APPROVAL NEAR ?

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The recent surge in digital assets activity can be assumed due to multiple factors, mainly growing user interest and the ongoing crypto bull market. To illustrate, Bitcoin and Ethereum prices just hit new 2023 highs touching $44,700 and $2,400 the last night.

There is a spike in crypto on-chain activity as the transaction fees have also seen a huge surge. According to on-chain data reports on December 7, BTC transaction fees are up by over 50%, while “gas” in Ethereum has climbed by nearly 40% in the past week.

With crypto rising, more people are looking to position themselves, hoping to profit from further price appreciation. This wave of FOMO has pushed higher fees and prices. As the odds of the SEC approving these ETF applications of nearly 13 applicants rose from early Q4 2023, BTC and ETH prices started rising in sync. Still, how prices will react once the spot Bitcoin ETF is approved remains to be seen.

As of now, at the time of writing this article, BTC is trading nearly at $44,000 with a market capitalization of $861 Billion and it is up by 14% over the past week.



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