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Bitcoin backs off from ETF driven rise close to 48k

Late yesterday evening the eagerly awaited SEC ETF approval did finally come and that has now been confirmed. The US securities and Exchange Commission has granted the approval of 11 ETF licences to various companies. At the same time, the SEC has clearly stated that such approval does not herald an endorsement of Bitcoin by them. As covered here at the time the news broke, Bitcoin was trading at around 45,500. The lead coin seemed to greet the news in a rather muted way, but eventually it did push higher at the start of the Asian session today. BTC rose close to 48k once more, this time peaking at 47,705. However, it has since fallen back again, dropping to 45,650 a short while ago. It was noted here late yesterday; that perhaps this news was more than priced into the market, with the gains of more than $20,000 since early October last year. Bitcoin is currently trading at 45,755

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