Bitcoin breaks $49k as spot BTC ETF trading volume surges

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Bitcoin made a 24-month excessive on day one among open buying and selling for spot BTC ETFs lower than 24 hours after the SEC issued approval. 

On Jan. 11, the worth of Bitcoin (BTC) hit $49,000 for the primary time since December 2021 as buying and selling opened for spot BTC ETFs throughout main U.S. exchanges just like the Nasdaq, NYSE, and CBOE. 

BTC’s surge amounted to just about a ten% improve in value, with Bitcoin’s market cap lower than $100 billion away from turning into a $1 trillion asset. When this report was written, BTC’s value had considerably retraced because of anticipated market volatility amid euphoria for spot BTC ETF approvals. 

As crypto.information beforehand reported, crypto’s main token has a transparent path to $55,000 and past if the $48,000 vary is flipped into help. This might set off an additional run towards the $69,000 all-time excessive, solely 31.1% away at press time.

Bitcoin breaches $49,000 | Supply: TradingView

Following over a decade of resistance in opposition to spot Bitcoin ETFs by the U.S. Securities and Alternate Fee (SEC), the regulator lastly authorized issuers to listing their merchandise on Jan. 10.

The SEC named 11 issuers in its approval doc, together with corporations like ARK 21Shares, BlackRock, Bitwise, and VanEck. Buying and selling opened to a whole lot of thousands and thousands in quantity, though there was a scarcity of consensus amongst market observers concerning the precise worth of buying and selling into these BTC ETFs. 

Nevertheless, Bloomberg’s Eric Balchunas mentioned over $500 million was traded throughout spot BTC ETFs within the first 20 minutes, excluding Grayscale’s GBTC. Different sources positioned the determine a lot larger, with some pointing to north of $2 billion traded already.

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