Bitcoin above $47,000 for 1st time since ETF approval

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin saw its price climb above $47,000 on Friday for the first time since the approval of its exchange-traded funds (ETFs) in mid-January.

The price of Bitcoin rose to as high as $47,700 during the day, while it was trading near $47,600 at 12.34 p.m. EDT for a daily gain of 5.4%.

Bitcoin's price surpassed the $45,000 level on Thursday for a daily increase of 2.1%.

The world's biggest cryptocurrency almost touched the $49,000 level on Jan. 11 – the day when the US Securities and Exchange Commission approved spot Bitcoin ETFs. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.

Before that day in January, Bitcoin's price had not seen the $47,000 level since March 2022.

Bitcoin saw its value increase almost 10% in the past seven days, according to data from CoinMarketCap, a digital asset price-tracking website.

The recent rally also pushed Bitcoin's market value closer to the $1 trillion mark, a feat that was last seen in November 2021.

The total value of the cryptocurrency market was up 4.05% at $1.79 trillion on Friday at 12.37 p.m. EDT, while Bitcoin's share of the crypto market, known as dominance, was at 52.3%, according to CoinMarketCap data.

Some altcoins saw their prices soaring more than 12% on Friday.