Bitcoin Hits $48,000 as Spot Bitcoin ETFs Debut on Wall Street
Bitcoin surged past $48,000 on Thursday morning, reaching its highest level since 2021, as spot Bitcoin ETFs began trading on Wall Street. The cryptocurrency briefly touched $48,887 before settling at $46,755. Over the past day, Bitcoin has gained 3.1%, and over the past week, it has seen a 7.3% increase.
Spot Bitcoin ETFs Gain Approval
The price surge is directly linked to the approval of eleven spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). This historic move allows traditional financial institutions and investors to gain exposure to Bitcoin without actually owning the cryptocurrency. Within just 30 minutes of launch, these ETFs accumulated $1.2 billion in trading volume.
Impact on Bitcoin Price
Analysts had mixed opinions regarding how the approval of spot Bitcoin ETFs would affect the price of Bitcoin. While some predicted a negative impact in the short term due to a “sell the news” event, recent false starts prevented that outcome. Last week, a report prophesying the rejection of all spot Bitcoin ETF applications led to a price drop. Additionally, a hacker infiltrated the SEC’s Twitter account to spread fake news about approved ETFs.
Hot Take: BTC Soars Amidst Chaos
The chaos surrounding spot Bitcoin ETFs has unexpectedly helped Bitcoin’s price soar. Despite initial concerns, Bitcoin continues to rise with positive post-ETF buzz, reaching new heights in its current bull run.
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