Spot Bitcoin ETFs have finally been approved by the SEC!
This is some good news for crypto and investors at large.
The SEC released the confirmation PDF in the late hours of Jan. 10, 2024.
The United States Securities and Exchange Commission officially approved the Spot Bitcoin ETFs from the following companies:
- Grayscale
- Blackrock
- ARK21 Shares
- Hashdex
- Franklin Templeton
- Fidelity
- WisdomTree
- Valkyrie
- VanEck
- Bitwise
- Invesco
The Bitcoin ETF approval came more than a decade after the Winklevoss twins applied for the Winklevoss Bitcoin Trust in 2013.
Over the years, the SEC has always denied every Spot Bitcoin ETF application, citing reasons of fraud and market manipulation.
The crypto world recorded the first breakthrough in 2023 when Grayscale won the court case against the SEC.
And eventually, the SEC got around to approving the Spot Bitcoin ETFs.
This approval means that Spot Bitcoin ETFs can be listed and traded on various exchanges.
This is coming just one day after the fake Spot Bitcoin ETF post on the SEC’s X page which shook the crypto world.
We saw the price of Bitcoin, the #1 cryptocurrency, crash by more than 20%, and traders were advised to keep away from trading at the moment.
As of press time, we saw the price of Bitcoin rallying to $46k, which is not a significant change.
But Ethereum made some major moves since the approval – from $2.4k to $2.6k and still climbing.(Stats. from Coinmarketcap 11/01/2024)
It seems the market has yet to determine which way to go.
But whichever way it goes, always DYOR, and do not invest more than you can afford to lose.
Personally, I foresee some bull run and more adoption of cryptocurrency.
Do well to share this post to celebrate this big win for crypto.
Till my next post, HODL on…WAGMI!
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