Bitcoin ETF

Bitcoin

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Chair Gary Gensler of the Securities and Exchange Commission (SEC) published an official announcement on 10th January 2024. It states that listings and trading of select spot Bitcoin exchange-traded products (ETPs) are approved. This includes new and old offerings that were previously disapproved before 2023.
Included in this ETP approval are 11 Bitcoin exchange-traded fund (ETF) strategies on multiple exchanges regulated by the SEC in the United States. Those include the following:
<ol>
 <li dir="ltr" aria-level="1">BlackRock’s iShares Bitcoin Trust (IBIT)</li>
 <li dir="ltr" aria-level="1">GrayScale Bitcoin Trust (GBTC)</li>
 <li dir="ltr" aria-level="1">ARK 21Shares Bitcoin ETF (ARKB)</li>
 <li dir="ltr" aria-level="1">Bitwise Bitcoin ETF (BITB)</li>
 <li dir="ltr" aria-level="1">WisdomTree Bitcoin Fund (BTCW)</li>
 <li dir="ltr" aria-level="1">Invesco Galaxy Bitcoin ETF (BTCO)</li>
 <li dir="ltr" aria-level="1">VanEck Bitcoin Trust (HODL)</li>
 <li dir="ltr" aria-level="1">Franklin Bitcoin ETF (EZBC)</li>
 <li dir="ltr" aria-level="1">Fidelity Wise Origin Bitcoin Trust (FBTC)</li>
 <li dir="ltr" aria-level="1">Hashdex Bitcoin ETF (DEFI)</li>
 <li dir="ltr" aria-level="1">Valkyrie Bitcoin Fund (BRRR)</li>
</ol>
<h2 dir="ltr" id="span-sec-is-still-sceptical-of-crypto-span">SEC is still sceptical of crypto&nbsp;</h2>
The SEC’s approval of cryptocurrency is not indicative that they support crypto as an asset. They still cannot protect users for all transactions, making <a href="https://stakecasino.kr/" rel="noopener noreferrer nofollow">Stake withdrawal</a> reliant on the blockchain technology’s encryption for protection. It’s not a deal breaker for traders but less-familiar investors are less likely to join the crypto market.
Fortunately, the ETFs will be influential enough to make a positive mark on Bitcoin’s economy. Exchanges will start a buying spree, increasing demand and asking price for BTC worldwide while sellers profit from the new bullish trend. Although the SEC’s overall stance on crypto is unlikely to change soon, the approval of ETFs marks a significant step for blockchain developers.&nbsp;
<h2 dir="ltr" id="span-how-is-sec-approval-affecting-bitcoin-span">How is SEC approval affecting Bitcoin?</h2>
BlackRock isn’t the only company offering a Bitcoin ETF strategy but is among the ones with the most investors. Even so, it is surprising for investors worldwide to see its offerings outperforming the asset that it’s supposed to be a fund for. BTC saw a 10.2% decrease since the ETF approval, resulting in an 8.9% loss for IBIT.&nbsp;
This isn’t an alarming state, however. Based on market trends, BTC’s prices were expected to drop until Q2 of 2024. It will see a reversal later this year. Exchanges will get their profit soon but it will take time considering recent liquidity patterns.&nbsp;
<h2 dir="ltr" id="span-related-news-span">Related news</h2>
The SEC’s announcement of ETF approval is one of the most highly anticipated news of 2024. Unfortunately, an unknown party took advantage of this and caused needless albeit short-lived panic among investors. This incident unfolded when a hacker took over the SEC’s X account (@SECGov) and announced that they approved Bitcoin ETFs.
This attack happened a day before Chair Gary Gensler made his official statement. It affected many traders for a short while but fortunately, the attempt was half-assed and many caught on that this was a prank. It’s still potentially harmful for national security so the SEC are investigating the matters with local authorities.&nbsp;
In other news, Singapore didn’t meet the same fortune as the United States with their Bitcoin ETF push. The Monetary Authority of Singapore (MAS) is still strictly against the idea and warns overseas investors to exercise extreme caution. Their official disapproval was published on 17th January, a full week after the US announced their approval.&nbsp;
It would seem that the US investors will have a strong lead against its Southeast Asian peers. This won’t hinder crypto traders, however, because they can freely do with their assets as they please on international marketplaces. Whether initiating a crypto <a href="https://stakecasino.kr/" target="_blank" rel="noopener noreferrer nofollow">Stake withdrawal</a> or selling your Bitcoin holdings for profit soon, 2024 appears promising for BTC users and investors alike.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-full-approval-of-bitcoin-etf-and-what-it-means-for-crypto-tbt77654.html">https://thebittimes.com/sec-full-approval-of-bitcoin-etf-and-what-it-means-for-crypto-tbt77654.html</a>

SEC full approval of Bitcoin ETF and what it means for crypto

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