SEC Approval of Bitcoin ETFs Could Revitalize the Crypto Market

SEC Approval of Bitcoin ETFs , Could Revitalize the Crypto Market.
On January 10, America's securities
regulator approved the first U.S.-listed exchange
traded funds (EFTs) for tracking bitcoin.
On January 10, America's securities
regulator approved the first U.S.-listed exchange
traded funds (EFTs) for tracking bitcoin.
Reuters reports that the decision by the Securities
and Exchange Commission comes as a watershed
for the world's leading cryptocurrency. .
After nearly a decade, the introduction of ETFs offers
investors access to bitcoin without directly holding it,
which could offer the entire crypto industry a major boost.
After nearly a decade, the introduction of ETFs offers
investors access to bitcoin without directly holding it,
which could offer the entire crypto industry a major boost.
It's a huge positive for
the institutionalization
of bitcoin as an asset class, Andrew Bond, managing director and senior
Fintech analyst at Rosenblatt Securities, via Reuters.
According to Standard Chartered analysts,
ETFs could bring in between $50
and $100 billion over the next five years.
According to Standard Chartered analysts,
ETFs could bring in between $50
and $100 billion over the next five years.
As of January 10, bitcoin's market capitalization
was at over $913 billion, according to CoinGecko.
In recent months, the value of the cryptocurrency
has skyrocketed over 70% in anticipation of the
ETF, reaching its highest level since March 2022. .
It is pretty unprecedented,
so we'll see how it works.
I've never been in a situation
where 10 of the same ETF
was launched on the same day, Steven McClurg, chief investment
officer at Valkyrie, via Reuters.
The SEC's approval of bitcoin ETFs came one day after an incident where an unauthorized person posted on the agency's X account
that the product had been approved for trading.
The SEC said it is coordinating with
law enforcement and the agency's internal
watchdog to investigate the incident.