Bitcoin rises above $47,000 for the first time since April 2022 as investors brace for landmark ETF decision

KEY POINTS

• Bitcoin rose to a 21-month high above $47,000 to start the week.

• Key fee disclosures submitted by potential bitcoin ETF issuers bolstered investors' confidence that an approval is more likely than not.

• The SEC is approaching its first deadline to approve or reject one of the ETF applications — that of Ark 21Shares on Wednesday.

• Bitcoin rose to a 21-month high to start the week as investors awaited the potential approval of a U.S. bitcoin exchange-traded fund this week.

On Monday, the cryptocurrency rose more than 6% to $47,020.57, according to Coin Metrics, as BlackRock, Grayscale and other potential bitcoin ETF issuers submitted final updates to the U.S. Securities and Exchange Commission, including key fee disclosures that bolstered investors' confidence that an approval is more likely than not. The last time it traded over $47,000 was April 2022.