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ASX up 0.4%: Bitcoin surges after SEC approvals

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2024-01-11

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Bitcoin surged past US$47,000, and Ethereum saw a more than 10% increase following the approval of spot bitcoin exchange-traded funds (ETFs) by US regulators.

This development is expected to open the doors for billions of dollars to flow into the largest digital currency. Bitcoin was up 2.9% at approximately $47,412, which also boosted other cryptocurrencies like Ethereum, XRP, Solana, and Cardano.

In Australia, Swyftx, a cryptocurrency exchange, reported an 80% increase in early trading volumes, with Bitcoin trade volumes in the fourth quarter nearly doubling from the previous year. The ETF approvals are viewed as a significant event expected to drive additional demand, even for individuals not currently involved in Bitcoin.

The S&P/ASX 200 is 0.4 per cent or 31.00 points higher at 7,498.10.

The SPI futures are pointing to a rise of 33 points.

Best and worst performers

The best-performing sector is Consumer Discretionary, up 1.33 per cent. The worst-performing sector is Energy, down 0.44 per cent.

The best-performing large cap is JB Hi-Fi (ASX:JBH), trading 3.15 per cent higher at $56.41. It is followed by shares in South32 (ASX:S32) and Aristocrat Leisure (ASX:ALL).

The worst-performing large cap is Worley (ASX:WOR), trading 4.6 per cent lower at $15.77. It is followed by shares in Whitehaven Coal (ASX:WHC) and Ampol (ASX:ALD).

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.

One Australian dollar is buying 67.07 US cents.

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