Bitcoin price unfazed by SEC approval of spot BTC ETFs

The price of bitcoin didn’t react much to the Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds (ETFs).

Bitcoin BTC +1.22% ‘s price traded hands at $45,519 at 4:41 p.m. ET on Jan. 10, shortly after the SEC officially announced the approval of spot bitcoin ETFs. The world’s most popular cryptocurrency by market capitalization saw a 1.46% decrease in the last 24 hours, according to The Block’s Price Page for bitcoin.

Price of bitcoin following the SEC’s approval of spot bitcoin ETFs. Image: The Block’s Price Page for bitcoin

Yesterday stole the thunder

On Jan. 9, the SEC’s X account was compromised. An unprotected phone number allowed the hacker to gain control of the regulator’s account and falsely state that spot bitcoin ETFs had been approved.

Though the SEC soon corrected the narrative, the price of bitcoin jumped to nearly $48,000 before falling to $45,000. This wild price action may have stolen the thunder from today’s news.

Ether price rallies

The price of ether had a different reaction though. Its price has risen from $2,300 at the start of the day to $2,530 currently, according to The Block’s Price Page.

The price of ether rallied upon the SEC’s approval of multiple spot bitcoin ETFs. Image: The Block’s Price Page.

Unlike bitcoin, ether rallied following the spot bitcoin ETF approval announcement. It rose around $70 following the news.

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