Bitcoin ETF Hype Continues – BTC Nearing $49,000
Bitcoin (BTC) has been riding the bullish wave recently, with the news about the spot BTC approval.
Yesterday, on the 10th of January, the U.S. Securities and Exchanges Commission (SEC) approved the long-awaited spot Bitcoin ETF for the U.S. markets.
This is the news investors worldwide have been waiting for since the first applications in 2018, during Jay Clayton’s mandate at the agency. Since then, all applications have been denied – until yesterday.
The biggest cryptocurrency surged to almost $49,000 – nearing the crucial resistance level of $50,000.
At the time of writing, BTC was trading at $48,100 after a 6.6% surge in the past 24 hours and had a trading volume of over $56 billion. Bitcoin is still the number one crypto token with a $950 billion market cap. During the past seven days, the price has surged by 10%.
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The 1-day technical analysis from TradingView showcases the bullish sentiment within the community with the summary and moving averages pointing at a “strong buy” with 16 and 14 signals, respectively. Oscillators remain at “neutral” with eight signals.
In the past 24 hours, the trading volume for the whole crypto market surged by 41.8%, reaching $125 billion, and the total market cap of all cryptocurrencies peaked at $1.82 trillion after a 7.8% surge.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
