Bitcoin price surges 5% to $49,000, daily trading volume reaches $52 billion
Live MintThe price of first decentralised cryptocurrency Bitcoin surged over 5%, reaching intraday high to $49,012 on Thursday, January 11, after the US Securities and Exchange Commission greenlit the establishment of Bitcoin exchange-traded funds by investment firms, signalling a potential revival for the world’s largest cryptocurrency token by market capitalization. In fact, the daily trading volume for Bitcoin on cryptocurrency exchanges surged to $52 billion, marking the highest level since March 21 of the previous year in New York, as of 7:15 am on Thursday, according to data compiled by CoinGecko. This is the first digital asset ETF but it won’t be the last.” This decision by US Securities allows 11 investment firms, including BlackRock, Fidelity, and Franklin Templeton to list Bitcoin-based ETFs on major US exchanges, including Nasdaq and the New York Stock Exchange, as early as Thursday. “In terms of market impact, the immediate focus is on Bitcoin's price, which has surged over 60% since early October, driven by the widespread anticipation of the SEC approving spot ETFs in early 2024.