Bitcoin surpassed the $46,700 mark on the CME derivatives exchange

hinz99
E1hB...qeDH
2 Jan 2024

60

The world's largest cryptocurrency Bitcoin skyrocketed on the morning of January 2, with the motivation said to come from the futures market and Bitcoin ETF expectations.

Bitcoin surpassed the $46,700 mark on the CME derivatives exchange

In the early morning of January 2, the price of Bitcoin futures trading on the US CME derivatives exchange in the first trading session of the new year 2024 jumped from 43,965 USD to 47,049 USD, equivalent to an increase of more than 10%.

1-hour chart of Bitcoin futures on CME at 08:20 AM on January 2, 2024

CMEis one of the first US derivatives exchanges to list Bitcoin futures and has supported the product since December 2017. In November 2023, futures trading volume on CME even increasedsurpassing even Binance.

Meanwhile, the Bitcoin spot price on Binance also started to go up from dawn on the same day, but still only reached 45,372 USD. However, this is still the new peak that BTC has reached since early April 2022, beforeLUNA-UST collapse.

1h chart of the BTC/USDT pair on Binance at 08:20 AM on January 2, 2024

Because there is no news to underpin this latest surge of the world's largest cryptocurrency, when most Western countries have just ended the Christmas - New Year holiday, many investors Investors believe that this may be a signal that US organizations and investors are extremely optimistic about the prospects.ETF Bitcoin spotapproved by the SEC in the coming days.

As reported by Coin68, in the last days of 2023, many Wall Street giants rushed toUpdated Bitcoin spot ETF profileto meet the requirements of the US Securities and Exchange Commission (SEC), further strengthening the case that the SEC will approve more than a dozen Bitcoin spot ETFs around January 10, possibly even sooner.

Thanks to Bitcoin's upward momentum, many other altcoins also recorded double-digit growth compared to 24 hours ago.

Bitcoin's latest surge has caused the cryptocurrency market in the last 12 hours to record more than $110 million in liquidated derivative orders, of which Bitcoin accounts for more than half. The rate of short orders being burned is up to nearly 84%.

Statistics on liquidation of crypto derivatives orders in the last 12 hours, screenshot of CoinGlass at 08:25 AM on January 2, 2024