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

1 Mins read

Bitcoin made a 24-month high on day one of open trading for spot BTC ETFs less than 24 hours after the SEC issued approval. 

On Jan. 11, the price of Bitcoin (BTC) hit $49,000 for the first time since December 2021 as trading opened for spot BTC ETFs across major U.S. exchanges like the Nasdaq, NYSE, and CBOE. 

BTC’s surge amounted to nearly a 10% increase in price, with Bitcoin’s market cap less than $100 billion away from becoming a $1 trillion asset. When this report was written, BTC’s price had somewhat retraced due to expected market volatility amid euphoria for spot BTC ETF approvals. 

As previously reported, crypto’s leading token has a clear path to $55,000 and beyond if the $48,000 range is flipped into support. This could trigger a further run toward the $69,000 all-time high, only 31.1% away at press time.

Bitcoin breaches $49,000 | Source: TradingView

Following over a decade of resistance against spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the regulator finally authorized issuers to list their products on Jan. 10.

The SEC named 11 issuers in its approval document, including firms like ARK 21Shares, BlackRock, Bitwise, and VanEck. Trading opened to hundreds of millions in volume, although there was a lack of consensus among market observers regarding the actual value of trading into these BTC ETFs. 

However, Bloomberg’s Eric Balchunas said over $500 million was traded across spot BTC ETFs in the first 20 minutes, excluding Grayscale’s GBTC. Other sources placed the figure much higher, with some pointing to north of $2 billion traded already.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.