2024

Bitcoin

The U.S. Securities and Exchange Commission (SEC) approved the first U.S. listed <a href="https://news.todayq.com/blackrock-reduces-spot-bitcoin-etf-fees-heres-why/" target="_blank" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs) designed to track Bitcoin (BTC). Experts suggest that this major development marks a pivotal moment for the digital asset industry. This move will bring legitimacy and institutional recognition to the world’s largest digital asset. Is SEC approval a game changer? 
The <a href="https://news.todayq.com/congressional-inquiry-senators-grill-sec-on-bitcoin-etf-tweet-hack/" target="_blank" rel="noopener noreferrer nofollow">SEC’s green light</a> came for 11 applications, featuring prominent names such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. Despite earlier warnings from some officials and investor advocates about potential risks associated with crypto ETFs, the SEC’s approval signals a notable shift in regulatory sentiment.
These ETFs, a decade in the making, are expected to be a game-changer for Bitcoin. As reported, ETFs will offer investors an opportunity to gain exposure to the crypto market without directly holding it, potentially attracting a diverse range of market participants. The SEC’s decision arrives at a time when the crypto industry is still grappling with various challenges and scandals, providing a positive boost to its overall reputation.
Standard Chartered analysts predict that these ETFs could attract between $50 billion and $100 billion in inflows this year alone. Other market analysts anticipate a slightly more conservative estimate of around $55 billion over the next five years. Such forecasts underscore the significant impact these investment products are expected to have on the broader financial landscape.
Cathie Wood, founder of Ark Investment Management LLC, expressed her astonishment at SEC Chair Gary Gensler’s statement following the approval. Gensler, known for his skepticism towards digital assets, reiterated that the SEC does not endorse cryptocurrencies. The 3-2 vote by SEC commissioners in favor of allowing spot Bitcoin ETFs reflects a nuanced stance within the regulatory body. ETFs to take Bitcoin to new high? 
Looking ahead to Bitcoin’s price trajectory in 2024, industry participants are considering factors such as historical price cycles and the upcoming halving event scheduled for April. The cryptocurrency experienced a significant price collapse in 2022, followed by a remarkable 150% surge in 2023, largely attributed to anticipation surrounding ETF developments. With Bitcoin historically exhibiting cycles and the upcoming halving event reducing supply, the crypto industry appears optimistic about a bullish year for Bitcoin.
Various price outlooks for Bitcoin by the end of 2024 have been shared, ranging from $60,000 to $500,000, according to interviews conducted by CNBC with individuals both inside and outside the cryptocurrency industry. The approval of these ETFs by the SEC undoubtedly marks a milestone in the evolution of the crypto space, heralding a new era for investors and market participants alike.
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Bitcoin bulls eye 2024 all-time high following SEC’s ETF approval

Todayq News

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