- January 4, 2024
- Posted by: [email protected]
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As the world bid farewell to the previous year, Bitcoin marked the conclusion of 2023 with a remarkable achievement, setting a new daily transaction record on New Year’s Eve. The cryptocurrency processed an impressive 731,000 transactions in a single day, surpassing the previous record set on Christmas Eve 2023, where the network saw 723,459 transactions. This milestone underscores Bitcoin’s sustained growth and the unwavering interest of users and investors, particularly during key moments of the holiday season.
At the time of this report, Bitcoin is trading at $45,814, reflecting a substantial 7.7% increase compared to the previous 24 hours, as reported by CoinMarketCap. Surpassing the $45,000 mark represents the highest price level for Bitcoin since April 2022, with heightened expectations linked to the pending approval of spot Bitcoin exchange-traded funds (ETFs).
Investor enthusiasm has been further fueled by a Reuters report suggesting that the Securities and Exchange Commission (SEC) might announce its decision as early as Tuesday, January 2. According to sources, the SEC may notify issuers of their clearance to launch spot Bitcoin ETFs in the following week, adding an extra layer of anticipation to the market.
In addition to the record-breaking transaction count, the 24-hour trading volume has experienced a remarkable 85% surge, nearly reaching the $30 billion mark. Financial service platform Matrixport released an analysis projecting that Bitcoin’s price could surge to $50,000 within the current month. This optimistic outlook is attributed to factors such as the anticipated approval of spot Bitcoin ETFs, growing institutional investment momentum, and historical market patterns.
Tether, the issuer of the stablecoin USDT, has also joined the trend, securing its position as the tenth-largest Bitcoin address holder. Recent data from BitInfoCharts reveals that Tether withdrew a substantial 8,888.88 bitcoins, valued at approximately $407 million, from the crypto exchange Bitfinex on January 1. Tether’s current holdings amount to 66,465.25 Bitcoins, with a total value exceeding $3 billion, showcasing the significant gains it has derived from Bitcoin’s price changes.
