Bitcoin Briefly Touched $49k Before Dump as ETF Trading Commences

Twitter icon  •  Published 5 महीने पहले  •  Hassan Maishera

Bitcoin briefly touched the $49k level for the first time since December 2021 before declining to the $45k region as spot Bitcoin ETFs commenced trading.

TL;DR

  • Bitcoin’s price briefly touched the $49k level on Thursday before dropping to the $45k region.

  • Bitcoin ETFs began trading on Thursday, with more than $4.5 billion recorded within the first 24 hours.

Bitcoin ETFs Begin Trading

Thursday marked a historic day for Bitcoin in the United States as spot Bitcoin ETFs began trading. The trading frenzy saw Bitcoin’s price topped $49,000 for the first time since December 2021.

However, the rally was short-lived as BTC’s price experienced a selloff. Bitcoin has since lost more than 1% of its value and is currently trading at $45,940 per coin. 

Despite Bitcoin’s price not appreciating, Bitcoin ETFs recorded a historic day, with their trading volume surpassing $4.5 billion on the first day. At the moment, investors continue to observe how much interest the eleven funds will attract over the coming days.

Ark Invest’s Cathie Wood is optimistic that the approval of spot Bitcoin ETFs would benefit the industry over the coming years. She predicted that Bitcoin’s price could reach $1.5 million by 2030. She told CNBC that,

"We think the probability of the bull case has increased with this SEC approval. This is a green light."

With Bitcoin underperforming, the total cryptocurrency market cap remains at $1.77 trillion. While the broader crypto market is experiencing a mixed performance, Bitcoin Cash is outperforming the other major coins. 

BCH is up by 14% in the last 24 hours and currently trades at $290 per coin. There is no catalyst behind BCH’s latest rally but it has overtaken Litecoin to become the 18th-largest cryptocurrency by market cap.

 

Next article Bitcoin Slips to $65k as Altcoins Dump Harder

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.