Bitcoin Surpasses $46,700 Milestone on CME Derivatives Exchange
The world's largest cryptocurrency, Bitcoin, surged this morning on January 2nd, driven by momentum from the futures market and expectations surrounding Bitcoin ETFs.
Bitcoin Surpasses $46,700 on CME Derivatives Exchange
Early morning on January 2nd, the price of Bitcoin futures on the CME derivatives exchange in the United States jumped from $43,965 to $47,049 during the first trading session of 2024, marking an increase of over 10%.
Bitcoin futures 1-hour chart on CME at 08:20 AM on January 2nd, 2024
CME, one of the first U.S. derivatives exchanges to list Bitcoin futures, has supported this product since December 2017. In November 2023, futures trading volume on CME even surpassed that of Binance.
Meanwhile, the spot price of Bitcoin on Binance also began to rise early on the same day, reaching $45,372. Although this is a new peak for BTC since early April 2022, before the LUNA-UST crash.
Bitcoin/USDT 1-hour chart on Binance at 08:20 AM on January 2nd, 2024
Given that there was no specific news driving this latest surge in the world's largest cryptocurrency, and with most Western countries just concluding the Christmas-New Year holiday period, many investors believe this could be a signal that U.S. institutions and investors are very optimistic about the prospects of Bitcoin spot ETFs being approved by the SEC in the coming days.
As previously reported by Coin68, in the final days of 2023, many Wall Street giants rushed to update their Bitcoin spot ETF filings to meet the U.S. Securities and Exchange Commission's (SEC) requirements, further bolstering the belief that the SEC may approve over a dozen Bitcoin spot ETFs around January 10th, possibly sooner.
Thanks to Bitcoin's upward momentum, many other altcoins have also seen double-digit percentage growth compared to 24 hours ago.
Bitcoin's latest surge has led to over $110 million in derivatives liquidations in the past 12 hours alone, with Bitcoin accounting for more than half. The short liquidation ratio soared to nearly 84%.
Statistics on crypto derivatives liquidations in the past 12 hours, screenshot from CoinGlass at 08:25 AM on January 2nd, 2024
