Bitcoin briefly rocketed past $48,000 on Thursday morning for the first time since 2021, as spot Bitcoin ETFs opened for their first day of business on Wall Street. 

BTC looked nearly poised to break $49,000 for a moment, touching $48,887 before settling back down to $46,755 at writing, according to CoinGecko. The cryptocurrency is still up 3.1% in the last day, and 7.3% in the last week. 

The last time BTC touched such highs was over two years ago, in the final week of 2021—towards the end of the coin’s last bull run. 

The price gains are inextricably linked to the massive debut today of eleven spot Bitcoin ETFs, which gained approval Wednesday from the United States Securities and Exchange Commission (SEC) in a historic action.

Spot Bitcoin ETFs allow traditional financial institutions and investors to gain exposure to BTC without holding cryptocurrency themselves. Within 30 minutes of launch this morning, spot Bitcoin ETFs accumulated $1.2 billion worth of trading vol

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Author: Sander Lutz

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