Bitcoin at $46,050, down 0.91% over 24 hours despite US ETF push

Bitcoin saw a 0.91 percent decline over the past 24 hours, reaching $46,050.71 around 10 am on January 12, as per data on Coinmarketcap. Over the 24 hours, the world’s biggest cryptocurrency saw its value drop lowest to $45,678.65, while the highest was $48,969.37.

Bitcoin’s current dominance is 51.14 percent, reflecting a decrease of 0.15 percent within the day. The decline comes despite the coin touching $49,012 (up 5 percent) on January 11 after Bitcoin exchange-traded funds (ETFs) were approved by the US SEC and began trading.

Also Read | US Bitcoin ETFs garnered $4.6 billion in trading volume after landmark SEC approval, competition for market share fierce

ETF Push?

This decision by US Securities allows 11 investment firms, including BlackRock, Fidelity, and Franklin Templeton to list Bitcoin-based ETFs on major US exchanges, including Nasdaq and the New York Stock Exchange.

The US-listed bitcoin ETFs saw substantial trading activity, with $4.6 billion worth of shares changing hands by Thursday afternoon, according to LSEG data. Notably, Grayscale, BlackRock, and Fidelity dominated trading volumes, the data showed.

This action was expected to inject fresh vitality into Bitcoin and the broader cryptocurrency sector, which has grappled with falling token values, unsuccessful ventures, and the collapse of exchanges since reaching its zenith in November 2021.

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Price Moves

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.

The all-time high for Bitcoin occurred on November 10, 2021, marking its peak value at $68,789.63, two years ago.

Also Read | Day trading guide for the stock market today: Six stocks to buy or sell on Friday — 12th January

Meanwhile, the global cryptocurrency market cap has reached $1.76 trillion, showing a 0.64 percent decrease in the last 24 hours. Over the same period, the total crypto market volume amounted to $101.2 billion, indicating a notable 12.88 percent decrease.

In the decentralized finance (DeFi) sector, the volume is presently at $8.09 billion, constituting 7.99 percent of the total crypto market 24-hour volume. Additionally, stablecoins contribute significantly with a volume of $90.43 billion, making up 89.36 percent of the total crypto market 24-hour volume.

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