Bitcoin Surges Past $48,000 as SEC Approval Sends Bitcoin Soaring

Bitcoin's value soared past $48,000 early Thursday morning, a peak since December 2021, following the SEC's approval of the first spot bitcoin ETFs in the U.S., while ether also rose 8% to its highest since May 2022. Bitcoin mining stocks that benefit from price increases also rallied on the news. Traders are now rotating funds to ether in anticipation of potential spot ETH ETF approvals starting in May. Ether had underperformed Bitcoin in 2023, rising only 90% versus Bitcoin's 157% gain. The ETF approvals are a major milestone for the crypto industry and are expected to drive greater institutional demand.