Bitcoin

April

Bitcoin (BTC), the first crypto asset, surged to a 21-month high, reaching $47,613 on Monday night. This major move marks the first time BTC has surpassed $47,000 since April 2022. However, this comes in when investors are eagerly awaiting a landmark decision from the U.S. Securities and Exchange Commission (SEC) on the approval of a Bitcoin exchange-traded fund (ETF) later this week. ETF Approval Anticipation Drives Bitcoin Surge 
Bitcoin price rally was fueled by the optimism surrounding the potential approval of the first BTC ETF, with key players such as BlackRock and Grayscale submitting final updates. This includes crucial fee disclosures, to the commission. Jim Angel, an associate professor specializing in financial market structure at Georgetown University, sees this as a “price war” among multiple vendors competing on price for a nearly identical product.
The SEC is set to decide on the ETF application of Ark 21Shares on Wednesday, with expectations running high that the agency might approve several applications simultaneously to level the playing field. Former SEC chair Jay Clayton expressed confidence in the approval, stating, “Approval is inevitable. There’s nothing left to decide. This is a big step not just for Bitcoin but for finance generally.”
If approved, it would be a groundbreaking decision for the cryptocurrency industry, demonstrating the growing acceptance of Bitcoin and Ether in the institutional investing world. Firms like Fidelity, Invesco, VanEck, WisdomTree, and Franklin Templeton are among those seeking to launch a Bitcoin ETF, along with BlackRock. Market Reactions and Potential Impact 
The positive momentum in Bitcoin also coincided with a decline in bond yields, as the yield on the 10-year Treasury note lost nearly 4 basis points on Monday. This upbeat sentiment extended to Ether, which saw a 4% increase, with several firms eyeing spot Ether ETFs, although the SEC’s decision on these applications is expected later in the year.
Crypto-related equities also experienced gains, with Coinbase edging higher by 3.5%. Mining companies, including Riot Platforms and Marathon Digital, saw more substantial gains, each rising more than 7%. Iris Energy rose nearly 4%, and CleanSpark advanced 5%.
While some investors argue that the immediate impact of an ETF approval may be overestimated, there is a consensus that the event itself would pave the way for new inflows into Bitcoin from institutions with a longer-term perspective. Galaxy Digital, in collaboration with Invesco on its proposed Bitcoin ETF, estimates the addressable market size of a U.S. Bitcoin ETF to be approximately $14 trillion in the first year post-launch, expanding to $26 trillion in the following year and $39 trillion in the third year.
The anticipation surrounding the SEC’s decision on Bitcoin ETFs has triggered a notable surge in Bitcoin’s price, indicating the industry’s maturation and growing acceptance among institutional investors. As the market braces for this potential landmark decision, experts believe it could unlock significant opportunities for the broader financial landscape.
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ETF approval hopes pump Bitcoin to 21-Month high, What’s next?

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