The price of Bitcoin crossed $47,000 for the first time in over 20 months with trading volume soaring almost 120% as several reports claim ETF approval will happen this week.

Earlier today, Bitcoin reached $45,000, its highest since May 2022, when the market collapsed following Terraform Lab’s UST and LUNA crash. 

However, Bitcoin’s rally continues, as its price reached $47,155 before dropping slightly to $46,750 at the time of writing, recording a nearly 6% rise in 24 hours. 

At the same time, BTC trading volume is also soaring across all major exchanges. 

According to CoinMarketCap, BTC’s daily trading volume has increased by over 120% today, and its market cap has increased by 6%. 

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This shows a large volume of net investment inflow as traders demonstrate tremendous confidence in the leading token. 

The rally is fueled by several reports of imminent spot Bitcoin ETF approval by the SEC, either this week or early next week. 

Just moments ago, the former SEC Chair Jay Clayton, said in an interview with CNBC that the approval of Spot Bitcoin ETFs is inevitable and might come this Wednesday or Thursday.

Earlier today, banking giant Standard Chartered predicted that Bitcoin might witness $50 to $100 billion in net flows if the SEC approves the spot ETF. 

There is strong market confidence in Bitcoin, and further demand driven by fear of missing out from the community is driving BTC prices to the $50,000 mark.

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