The United States Securities and Exchange Commission (SEC) has approved the listing and trading of 11 spot Bitcoin (BTC) Exchange-Traded Funds (ETFs). This decision, which narrowly avoided rejection, was supported by SEC Gary Gensler but opposed by Democratic-affiliated commissioners Caroline Crenshaw and Jaime Lizárraga. Following the announcement, Bitcoin’s price briefly surged above $47.7k, but has since fallen back to around $45.7k.
Bitcoin’s bullish sentiment has significantly increased in anticipation of the fourth halving event, which is expected to occur in about 100 days. This event, coupled with the increased interest from deep-pocketed investors such as El Salvador, BlackRock Inc, and Grayscale Investments, has led to a scramble among fund managers for the limited supply of Bitcoins. Bartosz Lipiński, CEO of crypto trading platform Cube.Exchange, predicts that Bitcoin’s price will likely rally higher as supply becomes more scarce and the 11 ETFs begin to absorb significant amounts of supply.
Following the approval of Bitcoin ETFs, investors are now turning their attention to Ethereum (ETH). On-chain data reveals that crypto whales have been increasing their investments in Ether, leading to a price surge of more than 16 percent in the past five days. Ethereum’s daily average trading volume has also spiked by more than 80 percent in the past 24 hours. Lipiński suggests that as Bitcoin becomes harder to buy, other coins like Ethereum will begin to fill the void.
Several fund managers, including BlackRock, have filed for spot ETH ETF with the US SEC. Given that the agency has already approved the Ether futures ETP, it is likely that the spot ETH ETF will also receive approval soon.
The approval of Bitcoin ETFs has also boosted confidence in crypto-related stocks. For example, Coinbase Global Inc’s stocks gained nearly 5 percent in Wednesday’s after-hours trading session. Stocks related to Bitcoin mining companies also rallied, led by Marathon Digital Holdings Inc. Meanwhile, the Grayscale Bitcoin Trust gained about 4 percent in the past 24 hours.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇸🇻 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler, Bartosz Lipiński, Caroline Crenshaw, Jaime Lizárraga |
| Companies | Coinbase Global Inc, Grayscale Investments, US Securities and Exchange Commission, Marathon Digital Holdings Inc, Grayscale Bitcoin Trust, BlackRock Inc, Cube.Exchange |
| Currencies | Ethereum, united states dollar, Bitcoin |
| Securities | Coinbase Global Inc (NASDAQ: COIN), BlackRock Inc (NYSE: BLK), Grayscale Bitcoin Trust (OTC: GBTC), Marathon Digital Holdings Inc (NASDAQ: MARA) |
