The Bitcoin trends, ups and downs

12 January 2024

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The price of Bitcoin reached $45,045.36, reflecting a decrease of -5.68% in the last 24 hours. This was a highly volatile day for Bitcoin, it briefly surged above $49,000 before retracing to the $46,000 range by evening. Interestingly, the focal point of the day wasn't solely the cryptocurrency's price movement. The spotlight was on the impressive trading volumes generated by the first 11 Exchange-Traded Funds (ETFs) introduced on Wall Street. The SEC's long-anticipated approval on Wednesday paved the way for these historic funds, mirroring the spot price in the United States

Bitcoin fever

The immediate impact at Wall Street was evident, described as a "Bitcoin fever." In the initial 30 minutes, last Wednesday, investments in these ETFs reached a substantial $1.2 billion. The Grayscale Bitcoin Trust led in transaction volume with $446 thousand, followed by BlackRock's iShares Bitcoin Trust with $388 thousand and Fidelity Wise Origin Bitcoin Fund with $230 thousand. Volumes doubled to $2.3 billion after the first hour, and by the day's end, the total numbers and contracts surged to almost $4 billion. When considering the combined performance of the 11 ETFs, this marks an all-time high for the debut of a thematic ETF on Wall Street.

SOURCES: Coindesk, Il Sole 24 Ore

IMAGE CREDITS: Stephen Dawson

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