ASX up 0.4%: Bitcoin surges after SEC approvals

Market Reports

by Peter Milios

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.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?