Bitcoin price rockets past $49k as spot bitcoin ETFs begin trading

Multiple spot bitcoin ETFs went live Thursday morning

article-image

hendra fhx/Vecteezy and Adobe Stock modified by Blockworks

share

The price of bitcoin soared Thursday morning, exceeding $49,000 for the first time in more than a year. 

The cryptocurrency’s price was buoyed by the launch of multiple spot bitcoin ETFs on American stock exchanges. 

Bitcoin’s price has reached a local high of $49,102 on Coinbase, according to TradingView data. The price situation remains fluid at time of publication, with BTC trading around $48,600 at the time of writing. 

Source: TradingView

A likely driving factor behind the price surge: market euphoria over the launch and, according to ongoing market data updates, swift trading volumes for the ETFs. Products from BlackRock, Fidelity and an array of other companies, including several crypto-native ones, debuted on several bourses this morning.

Read more: BlackRock, Fidelity among bitcoin ETFs primed for launch as S-1 filings become effective

The developments signify the latest leg in a tumultuously historic week for bitcoin and the intersection between crypto and Wall Street.

After the market closed on Wednesday, the Securities and Exchange Commission issued an approval statement for 11 proposed spot bitcoin ETFs. That statement came a day after the SEC suffered a dramatic security incident on its X account, which was used to propagate a then-false approval statement. 

The SEC’s five-member leadership team ultimately voted 3-2 to approve the proposals, though statements issued by agency commissioners suggest deep divisions over the approval process.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

As part of the #Breakout2024 plans, Radix has introduced Token Trek

article-image

House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January

article-image

Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do

article-image

And, weeks of a potential crypto ETF decision are no stranger to chaos

article-image

The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month

article-image

More than half of Solana transactions fail