Spot Bitcoin ETF Approved: New History For Crypto

Key Points:

• The U.S. SEC approves spot Bitcoin ETFs, offering regular investors access to the cryptocurrency market.
• After an eight-year journey, 11 major entities, including Grayscale and BlackRock, received approval for spot Bitcoin ETFs.
• The market reacted with volatile Bitcoin prices, with Ethereum at an 18-month high when the first spot Bitcoin ETF approved.

The U.S. Securities and Exchange Commission (SEC) has greenlit the launch of Bitcoin exchange-traded funds (ETFs), marking a significant development for the cryptocurrency market.

Spot Bitcoin ETF Approved: SEC Finally Gives the Green Light

After an extended wait, the first spot Bitcoin ETF approved by regulatory authorities on Wednesday, paving the way for spot Bitcoin ETFs to commence trading on Thursday.

Spot Bitcoin ETF approved marks the end of a prolonged journey that began in 2013 when an entity linked to the Winklevoss twins submitted the inaugural application for a spot Bitcoin ETF to the SEC. The approval covers 11 spot Bitcoin ETFs from prominent entities such as Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin.

Interestingly, ahead of the SEC’s approval, the CBOE exchange took proactive steps by sending letters to the regulatory body, urging an “acceleration of registration” for proposed spot Bitcoin ETFs. In a swift move, the CBOE issued listing notifications for six prospective ETFs, declaring their commencement of trading on Thursday, even before official SEC approvals.

Following the SEC’s nod, Bitcoin‘s market exhibited choppy price action, while Ethereum surged to an 18-month high. Concurrently, native tokens for Ethereum scaling networks experienced heightened activity, with Arbitrum witnessing a 28% surge in the last 24 hours, reaching a current price of $2.21 and setting an all-time high. The bullish market response reflects the anticipation and impact surrounding the approval of spot Bitcoin ETFs in the United States.