Bitcoin marked a notable achievement on New Year’s Eve by establishing a new milestone in its network history, processing over 731,000 transactions in a single day. This surpassed the previous record set on Christmas Eve 2023, which saw 723,459 transactions. This uptick underscores Bitcoin’s growth over the past year and the ongoing enthusiasm of users and investors, particularly during crucial moments of the holiday season.
As of the current moment, Bitcoin is trading at $45,814, reflecting a 7.7% increase compared to its value 24 hours ago, according to CoinMarketCap.
Exceeding the $45,000 threshold signifies that Bitcoin has reached its highest value since April 2022, fueled by growing anticipation for the imminent approval of spot Bitcoin exchange-traded funds.
Investor excitement has heightened, propelled by a Reuters report hinting at the possibility of the Securities and Exchange Commission announcing its decision as early as Tuesday, January 2.
As per Reuters, “the SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week,” revealed sources “who spoke on background given the confidential nature of the discussions.”
In conjunction with the unprecedented transaction count, the 24-hour trading volume has surged by 85%, nearly reaching the $30 billion mark.
Matrixport Forecasts BTC to Reach $50,000 on ETF Approval
Matrixport, the crypto financial service platform, has released an analysis forecasting a surge in the price of Bitcoin to $50,000 within the current month.
In their report, Matrixport cites several pivotal factors for this optimistic projection. These include the expected approval of spot Bitcoin ETFs, a continued uptick in institutional investments, and historical market patterns that collectively contribute to a bullish market sentiment.
Tether’s Ascent in Bitcoin Holdings
Following the trend, the issuer of the stablecoin USDT, Tether, has joined the ranks as the tenth-largest Bitcoin address holder.
Recent data from BitInfoCharts reveals that Tether executed a substantial withdrawal, pulling out 8,888.88 Bitcoins valued at approximately $407 million (calculated at the current price) from the crypto exchange Bitfinex on January 1.
Presently, Tether holds a total of 66,465.25 Bitcoins, reaping a benefit of $1.365 billion from the changes in its price. The combined value of its holdings now exceeds $3 billion.
