Bitcoin price rises above $47,000 after SEC approval of spot BTC ETFs

Quick Take

  • The price of bitcoin didn’t immediately react to the Securities and Exchange Commission’s approval of spot bitcoin ETFs on Jan. 10, but it ticked back up above $47,000 in late day trading. 
  • The price action was far more dramatic yesterday; bitcoin’s price jumped to $48,000 before dropping to $45,000 following a fake announcement from the SEC yesterday. 

The price of bitcoin didn't immediately react much to the Securities and Exchange Commission's approval of spot bitcoin exchange-traded funds, but it ticked back up above $47,000 in late day trading. 

Bitcoin's price traded hands at $47,107 at 6:28 p.m. ET on Jan. 10, hours after after the SEC officially announced the approval of spot bitcoin ETFs. The world's most popular cryptocurrency by market capitalization saw a 2.1% increase in the last 24 hours, according to The Block's Price Page for bitcoin

Price of bitcoin following the SEC's approval of spot bitcoin ETFs. Image: The Block's Price Page for bitcoin

Yesterday stole the thunder

On Jan. 9, the SEC's X account was compromised. An unprotected phone number allowed the hacker to gain control of the regulator's account and falsely state that spot bitcoin ETFs had been approved. 

Though the SEC soon corrected the narrative, the price of bitcoin jumped to nearly $48,000 before falling to $45,000. This wild price action may have stolen the thunder from today's news.

Ether price rallies

The price of ether had a different reaction though. Its price has risen from $2,300 at the start of the day to $2,530 currently, according to The Block's Price Page.

The price of ether rallied upon the SEC's approval of multiple spot bitcoin ETFs. Image: The Block's Price Page.

Unlike bitcoin, ether rallied following the spot bitcoin ETF approval announcement. It rose around $70 following the news.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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