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In Wednesday trade, major crypto tokens were trading with a strong positive bias. While Bitcoin increased by more than 7%. Ethereum, Solana, Binance Coin, XRP, Dogecoin, Cardano, Avalanche, Toncoin, and Tron all increased by up to 15%.

Crypto markets rose in expectation of the US Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) soon. Crypto markets rose more than 6% overnight in response to the US SEC Chairman’s tweet about crypto investing.

Bitcoin momentarily surpassed $47,000 for the first time since April 2022, and he believes it may surge beyond $50,000 if spot ETF approvals come in this week. According to him, BTC dominance has climbed to 54.5%, indicating that the top crypto asset has recently performed well. Any euphoric gain from here could lead to a subsequent fall, he warned investors, advising them to be wary of market volatility during the following seven days.

According to Coinswitch data, the overall market capitalisation of the crypto market has surpassed $1.8 trillion, and the crypto fear and greed index has risen by 6 points since Monday.

After a modest decline to roughly $43,000 on Wednesday morning, the market has reacted strongly to the tweet. According to Coinswitch, $48,000 is a key hurdle for Bitcoin, just before the crucial psychological figure of $50,000,000. ETF approval is also considered as a “huge positive” for the sector, though volatility is expected to rise at least until Thursday.

BTC has been on an upward trend for the previous five days, with a 10% rise month-to-date and a whopping 173% increase year-to-date. A close above the current level sets the groundwork for the next level of resistance above $49,000.