Bitcoin rally cools in countdown to US spot ETF decision by SEC

Bitcoin consolidated after a surge past $47,000 on bets that the US is poised to approve the launch of the nation’s first exchange-traded funds investing directly in the world’s largest digital asset.

The token dipped to $46,770 as of 8:56 a.m. in Singapore on Tuesday after a 6.5% jump on Monday in the US. Its new year climb now stands at 10%, contrasting with drops over the same period in stocks and gold. The crypto market expects a green light for US spot Bitcoin ETFs by a Jan. 10 deadline.