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Bitcoin briefly scaled $47,000 in a muted reaction after the US Securities and Exchange Commission approved exchange-traded funds that invest directly in the token, as traders wait to see how much money the products garner.
The largest cryptocurrency was steady at $46,060 as of 7:48 a.m. Thursday in London after paring the earlier climb. Some view the SEC decision as a landmark step that widens the investor base for digital assets. Bitcoin had already jumped over 160% in the past 12 months in anticipation of the ETFs as well as looser monetary policy.
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