Bitcoin (BTC) Reclaims $47,000 as Social Sentiment Hits New Highs

Bitcoin (BTC) has reclaimed the $47,000 level, reaching its highest price since April 2022. The surge in price is attributed to ongoing discussions about the approval of a spot Exchange Traded Fund (ETF) that would track Bitcoin. This comes as a relief for investors, as Bitcoin had a shaky start to the year, dropping to a low of $40,813.33 on January 3 due to concerns about the denial of a spot Bitcoin ETF. However, the cryptocurrency has since stabilized and is now trading at $47,040.23, representing a 6.43% increase in the past 24 hours. Bitcoin’s social sentiment is also at a new high, with discussions about the ETF being the second most trending topic after “BTC.” This increased social chatter is expected to further boost Bitcoin’s price and may result in new price discovery levels in the future. Market experts are eagerly awaiting the next major window on January 10, as it is speculated that the market regulator may approve one of the pending ETF applications.