Bitcoin Sets New Daily Record with Over 731,000 Transactions

Bitcoin Bitcoin ETF Tether

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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January 2, 2024 04:20 EST

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Bitcoin has achieved a significant milestone on New Year’s Eve, setting a new record in its network’s history with over 731,000 transactions processed in a single day.

The leap from the previous record set on Christmas Eve 2023, where the network saw 723,459 transactions, underscored Bitcoin’s growth over the past year and the sustained interest of users and investors during key moments of the holiday season.

At the time of writing, Bitcoin is trading at $45,814, up by 7.7% comparing to 24 hours ago, according to CoinMarketCap.

Surpassing the $45,000 mark means Bitcoin price has seen its highest level since April 2022 with brewing expectations for the pending approval of spot Bitcoin exchange-traded funds.

Investor’s enthusiasm has intensified following a Reuters report suggesting that the Securities and Exchange Commission’s decision could come as soon as Tuesday, January 2.

According to Reuters, “the SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week,” said sources “who spoke on background given the confidential nature of the discussions.”

In addition to the record-breaking transaction count, the 24-hour trading volume has also surged by 85%, almost reaching the $30 billion mark.

Matrixport Forecasts BTC to Reach $50,000 on ETF Approval

The crypto financial service platform Matrixport published an analysis, predicting that the price of Bitcoin will jump to $50,000 this month.

In their report, Matrixport attributed this bullish outlook to several key factors, including the anticipated approval of spot Bitcoin ETFs, growing institutional investment momentum, and historical market patterns.

Tether’s Ascent in Bitcoin Holdings

The stablecoin USDT’s issuer Tether has also tagged along the trend and become the tenth-largest Bitcoin address holder.

BitInfoCharts updated recent data indicating that Tether made a significant withdrawal of 8,888.88 Bitcoins worth approximately $407 million (calculated based on the current price) from the crypto exchange Bitfinex on Jan. 1.

Tether currently holds 66,465.25 Bitcoins and has benefited $1.365 billion from its price change. The total worth of its holdings surpasses $3 billion.