Spot Bitcoin ETF Approval Drives Bitcoin Past $48,000 Mark, ETF Total Trading Volume Peaks $2.3B
Portfolio Pulse from Khyathi Dalal
The U.S. SEC's approval of 11 Spot Bitcoin ETFs has propelled Bitcoin's price over $48,000, with a peak at $49,012. Trading volumes surged, with Spot ETFs trading $2.3 billion in 20 minutes and OTC Bitcoin volume hitting $7.7 billion. Bitcoin's market cap now surpasses Tesla, Facebook, and Berkshire Hathaway. This surge coincides with U.S. CPI data for December 2023 rising to 3.4%, above the expected 3.2%.
January 11, 2024 | 4:02 pm
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Bitcoin's price surged past $48,000 after SEC approved Spot Bitcoin ETFs, with significant increases in trading volume and market cap.
The SEC's approval of Spot Bitcoin ETFs is a significant regulatory milestone that directly impacts Bitcoin's legitimacy and investor interest, leading to increased trading volumes and a higher price. The market's reaction to the news is positive, indicating a likely short-term uptrend in Bitcoin's price.
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