SEC Approves All Bitcoin Spot ETFs from All Applicants – Here’s How BTC Price Reacted

2024-1-10 00:30

In a landmark decision that sent shockwaves through the crypto industry, the Securities and Exchange Commission today approved several Bitcoin spot exchange-traded funds (ETFs) from a range of prominent providers. The long-awaited move opens the floodgates for public trading of funds directly backed by Bitcoin.

Investors can finally access Bitcoin in their ordinary brokerage accounts without worrying about the hassles and risks of owning crypto themselves.

The SEC granted approval to the following firms for listing Bitcoin spot ETFs:

VanEck Bitwise Fidelity Franklin Valkyrie Hashdex ArkInvest Grayscale BlackRock WisdomTree Invesco Galaxy

Other heavyweights receiving the regulatory green light include asset managers VanEck, Fidelity, Ark Invest, and Invesco. Several Bitcoin-linked equity ETFs have already reached the market, but today’s approvals mark the first time the SEC has allowed what’s seen as the ‘holy grail’ for crypto: a fund directly backed by Bitcoin rather than futures or company stock.

The SEC repeatedly argued there were issues with market manipulation and custody solutions. It’s clear they finally became comfortable thanks to the maturing spot Bitcoin market.

Interestingly, despite the euphoria surrounding the flood of ETF approvals, Bitcoin prices have actually slipped in trading today. As the news broke, Bitcoin fell from around $46,800 down to $45,500 at last check, a drop of nearly 3% on the day. The pullback suggests traders may be selling the actual news after buying up Bitcoin in anticipation of an approval bonanza.

With the regulatory uncertainty cleared, traders seem to be shifting funds out of Bitcoin itself now that access via SEC-vetted ETFs has been granted across the board. For Bitcoin bulls, the hope now rests on fresh waves of buying power continuing to push the price up from new entrants accessing the spot funds.

Bullish analysts say the flood of capital from new ETF investors could still propel Bitcoin well into six-figures. But regulators remain cautious, threatening to pull products if crypto markets turn volatile. For now, though, the mood is euphoric as the SEC finally lets the bulls out.

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The post SEC Approves All Bitcoin Spot ETFs from All Applicants – Here’s How BTC Price Reacted appeared first on CaptainAltcoin.

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