Bitcoin price surges 5% to $49,000, daily trading volume reaches $52 billion

livemint.com:

The price of first decentralised cryptocurrency Bitcoin surged over 5%, reaching intraday high to $49,012 on Thursday, January 11, after the US Securities and Exchange Commission (SEC) greenlit the establishment of Bitcoin exchange-traded funds (ETFs) by investment firms, signalling a potential revival for the world’s largest cryptocurrency token by market capitalization.

In fact, the daily trading volume for Bitcoin on cryptocurrency exchanges surged to $52 billion, marking the highest level since March 21 of the previous year in New York, as of 7:15 am on Thursday, according to data compiled by CoinGecko.

Bitcoin trading surged to an almost 10-month peak as investors eagerly anticipated the opening bell on Wall Street. This moment marked the widespread availability of the United States' inaugural exchange-traded funds dedicated to direct investments in the largest cryptocurrency, according to a report by Bloomberg.

Analysts consider introduction of a Bitcoin ETF a significant milestone as it bridges the traditional financial markets with the innovative realm of digital assets.

“This landmark development not only validates the growing importance of crypto but also opens new avenues for institutional investors to participate in the transformative potential of blockchain technology. We have seen that approx 5% to 10% of Gold ownership is through ETFs. With the Bitcoin ETFs, people are expecting a good percentage of Bitcoin ownership to be routed through the ETFs. This makes Bitcoin more accessible to those who have been comfortable trading in the traditional financial markets," said Nischal Shetty, CoFounder, Shardeum.

Shetty further added, “ If Bitcoin ETFs reach similar figures as gold, then at the current market cap