Bitcoin tops $49,000 as spot BTC ETF trading volume surges
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Less than 24 hours after SEC approval, the Bitcoin Spot BTC ETF hit a 24-month high on its first day of open trading.
On January 11, Bitcoin (BTC) prices hit $49,000 for the first time since December 2021 as major U.S. exchanges such as Nasdaq, New York Stock Exchange and Chicago Board Options Exchange opened spot trading of BTC ETFs.
Bitcoin’s surge has caused the price to rise by nearly 10%, and Bitcoin’s market value is less than $100 billion away from becoming a $1 trillion asset. At the time of writing, the price of BTC has retreated somewhat in anticipation of market volatility due to excitement over the approval of a spot BTC ETF.
As crypto.news previously reported, the cryptocurrency’s leading coin has a clear path to $55,000 and beyond if the $48,000 range flips to support. This could trigger a further rise in gold prices to an all-time high of $69,000, which is only 31.1% away from the all-time high at press time.
After the U.S. Securities and Exchange Commission (SEC) resisted a spot Bitcoin ETF for more than a decade, the regulator finally authorized the issuer to list its product on January 10.
The SEC named 11 issuers in its approval filing, including companies such as ARK 21Shares, BlackRock, Bitwise and VanEck. Although there is a lack of consensus among market observers as to the actual value of these BTC ETF trades, trading volumes are in the hundreds of millions.
However, Bloomberg’s Eric Balchunas It said that in the first 20 minutes, the trading volume of spot BTC ETF exceeded $500 million, excluding Grayscale’s GBTC. Other sources believe the figure is much higher, with some noting that the deal has exceeded $2 billion.
