Bitcoin pared gains after surging past $49,000 for the first time since December 2021 with trading commencing for the first US exchange-traded funds that invest directly in the biggest cryptocurrency.
The token had advanced as much as 6.7% to $49,021, buoyed by the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission after markets closed on Wednesday. It was recently trading at around $46,000. Most smaller tokens, such as Ether, Cardano and Polkadot were higher.
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