Bitcoin Reclaims $47K After SEC Green Lights ETFs
By Laxmikant Khanvilkar
Virtual digital assets (VDA) rallied during the last 24-hours after the U.S. regulators approved spot bitcoin ETFs, a landmark decision for the digital asset industry that is expected to open up investment option for investors, particularly the institutional investors, which is expected to broaden the investor base for the grand old cryptocurrency.
Bitcoin (BTC) wobbled initially, but went on to surpass $47,000 mark. BTC, recently changed hands at $46,597 up 1.6%.
Ethereum (ETH), the second largest cryptocurrency, made a strong statement by scaling $2,500 level for the first time in 20 months. The token was seen changing hands at $2,597 gaining 8.9%.
Although, the bitcoin witnessed a tepid price movement when compared to ether’s, but observers believe that the largest cryptocurrency by market value will soon start rallying higher due to limited supply. The 11 ETFs will likely to start buying significant amount of bitcoin, making it harder to buy. Hence, the focus will shift to other coins.
As expected, large-cap tokens such as XRP, Solana, Cardano, Dogecoin, others are trading higher.
Apparently, the global crypto market cap increased 2.9% to $1.76 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 33% to $113.1 billion. Total volume in DeFi is currently $8.4 billion, and all stablecoins are $98.8 billion, representing 7.4% and 87.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.6%, down 1.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, jumped 3% to 59,537.
Meanwhile, the stock price of Coinbase as well as other ancillary players such as Marathon Digital and Riot Platforms remained unchanged.
It is expected that the first bitcoin ETFs in the U.S. will be a boon to the crypto market.
You need to login in order to Like
