2024

Bitcoin

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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.&nbsp; 
On Jan. 11, the price of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) 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.&nbsp; 
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.&nbsp; 
As crypto.news previously <a href="https://crypto.news/bitcoins-48k-bulwark-between-55k-price-target/">reported</a>, 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. 
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 Bitcoin breaches $49,000 | Source: TradingView
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 You might also like: <a href="https://crypto.news/robinhood-to-add-support-for-spot-bitcoin-etfs-as-soon-as-possible/"> Robinhood to add support for spot Bitcoin ETFs ‘as soon as possible’ </a> 
Following over a decade of resistance against spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the regulator finally <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noreferrer noopener">authorized</a> issuers to list their products on Jan. 10. 
The SEC named 11 issuers in its approval document, including firms like ARK 21Shares, <a href="https://crypto.news/jpmorgan-ceo-criticizes-btc-despite-backing-blackrock-bitcoin-etf/" target="_blank" rel="noreferrer noopener">BlackRock</a>, <a href="https://crypto.news/bitwise-to-donate-10-of-bitcoin-etf-profits-to-support-open-source-development/" target="_blank" rel="noreferrer noopener">Bitwise</a>, 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.&nbsp; 
However, Bloomberg’s <a href="https://twitter.com/EricBalchunas/status/1745457775378059627" target="_blank" rel="noreferrer noopener">Eric Balchunas</a> 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. 
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 Almost a good hour after this tweet and the number still isn't 2.3 billy.. it did however hit $1b and $1.8b if you incl <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GBTC</a>, which are UNREAL first day numbers (records will be smashed today). My source is a consolidation of all the exchange feeds via Bloomberg terminal. FYI! <a href="https://t.co/emqwEY0Hke" target="_blank">https://t.co/emqwEY0Hke</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1745471031056208119?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 11, 2024</a>
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 Read more: <a href="https://crypto.news/hong-kong-lawmaker-advocates-for-swift-adoption-of-spot-bitcoin-etfs-following-us-lead/"> Hong Kong lawmaker advocates for swift adoption of spot Bitcoin ETFs following US lead </a>

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

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