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

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.

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