Bitcoin ETF Approval Sends Prices Soaring, Ethereum Touches 20-Month High

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, briefly breached the $47,000 mark as the US Securities and Exchange Commission (SEC) approved BTC exchange-traded funds (ETFs). While this is considered to be a major win for crypto, it is largely being speculated that Ethereum (ETH) ETFs could be next on the table, as the coin touched a 20-month high of $2,500 before climbing up to $2,600.

The global crypto market cap stood at $1.77 trillion at the time of writing, registering a 24-hour jump of 3.49 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $46,484.15, registering a 24-hour gain of 0.77 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 41.53 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,611.55, marking a 24-hour gain of 10.34 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.30 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour jump of 5.73 percent, as per CoinMarketCap data, currently priced at $0.08432. As per WazirX, Dogecoin price in India stood at Rs 7.39.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour gain of 5.74 percent. At the time of writing, it was trading at $71.52. LTC price in India stood at Rs 6,300.

Ripple (XRP) Price Today

XRP price stood at $0.6054, seeing a 24-hour jump of 6.28 percent. As per WazirX, Ripple price stood at Rs 53.

Solana (SOL) Price Today

Solana price stood at $101.47 marking a 24-hour gain of 1.51 percent. As per WazirX, SOL price in India stood at Rs 8,900. 

Top Crypto Gainers Today (January 11)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Ethereum Classic (ETC)

Price: $28.45
24-hour gain: 35.19 percent

Ethereum Name Service (ENS)

Price: $19.18
24-hour gain: 33.55 percent

Arbitrum (ARB)

Price: $2.34
24-hour gain: 22.82 percent

Blur (BLUR)

Price: $0.5544
24-hour gain: 21.14 percent

Mantle (MNT)

Price: $0.7992
24-hour gain: 21.01 percent

Top Crypto Losers Today (January 11)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Bonk (BONK)

Price: $0.00001527
24-hour loss: 5.56 percent

Bitget Token (BGB)

Price: $0.6232
24-hour loss: 1.52 percent

Lido DAO (LDO)

Price: $3.74
24-hour loss: 1.02 percent


Price: $4.02
24-hour loss: 0.88 percent

Stacks (STX)

Price: $1.80
24-hour loss: 0.84 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin climbed above $47,000 following the SEC’s approval of 11 spot Bitcoin ETFs but is currently trading at the $46,600 level. The SEC’s approval represents a major milestone after a decade of anticipation and regulatory hurdles, expected to drive increased adoption, liquidity, and overall market maturity. This approval also reflects a notable shift in the perception of cryptocurrencies, transitioning from a niche asset class to one gaining mainstream acceptance. Meanwhile, Ethereum witnessed a robust rally, surging almost 10% in the past 24 hours. Starting at $2,300, it reached $2,500 for the first time in 20 months, shifting attention towards applications for Ethereum ETFs.”

CoinSwitch Markets Desk noted, “The much-awaited moment in crypto arrived yesterday as the SEC approved 11 spot Bitcoin ETF applications after 10 years of constantly rejecting such applications. While analysts predict that it will take months for Bitcoin ETF to play out its full potential in the price action, an inflow of billions of dollars is expected within the first few days. While BTC (+1.5%) did not show an immediate impact, ETH (+9.8%) reached its 20-month high facing slight resistance around the $2.7k mark while pumping its ecosystem coins, including its layer 2 Arbitrum (ARB, +24.4%) to its all-time high. This can signify people speculating about a soon-to-be-seen ETH ETF after the successful BTC ETF. ”

Rajagopal Menon, Vice President, WazirX, said, “Bitcoin (BTC) and other cryptos rallied following US regulators’ approval of Bitcoin ETFs, potentially expanding its investor base significantly. Bitcoin surged to around $47,500 from below $46,000 earlier. Similarly, Ethereum (ETH) surged 11 percent, surpassing $2,500 for the first time in 20 months, amid a rising focus on US Ether ETF applications.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin briefly crossed $47,000 after the US SEC approved an ETF linked to the cryptocurrency, indicating a modest response. Bitcoin, the largest cryptocurrency, rose 1.8% to $46,728 and Ether gained 17% to $2,590. Anticipation of the ETF’s approval has already contributed to Bitcoin’s 166% rise in the past year. The SEC has greenlit 11 applications, including BlackRock and Fidelity, with trading expected soon. Analysts suggest the approval was expected and there is potential for a pullback amid profit-taking after the recent recovery. In particular, Grayscale Investments, which won a legal battle against the SEC, is converting its $29 billion bitcoin trust into an ETF.”

Shivam Thakral, CEO of BuyUcoin, said, “After a decade-long wait, the US SEC finally gave the green signal to 11 Bitcoin ETF applications which include Blackrock, Fidelity, and Invesco among others. The race for Bitcoin ETF applications which picked up pace in October 2023, pushed the Bitcoin price to $47,000 in the first few days of 2024. Bitcoin is currently trading at a $46,500 level and is expected to touch the $100,000 mark as predicted by banking giant Standard Chartered. The ETFs will begin trading on Thursday and will offer a great opportunity for retail investors to leverage the growth of Bitcoin without holding or storing it. A regulated Bitcoin financial product approved by a major global financial regulator like the SEC will add a lot of credibility to digital assets which will create trust among institutional investors and encourage more traditional financial institutions to enter the space.” 

CoinDCX Research Team told ABP Live, “In the past 24 hours, the cryptocurrency market experienced positive momentum as the SEC approved all BTC spot ETFs. This approval, following years of delays and rejections, allows US investors access to ETF shares through their brokerage accounts. While the news is considered bullish for the market, BTC’s price remained stable, moving sideways after an initial rally. The long-term outlook appears bullish for BTC and the overall crypto market. The expected influx of trillions in institutional capital, coupled with retail traders directly transacting through traditional brokerage accounts, implies increased adoption and volume generation. Leading institutions, including hedge funds, sovereign wealth funds, and registered investment advisors, are expected to play a pivotal role in this evolving landscape. It’s essential to note that ETH spot ETFs are still awaiting approval.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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