[ad_1]
It feels like we have been talking about the speculated approval of a Bitcoin ETF and at last, the long awaited Bitcoin spot ETF has been approved by the SEC and has begun trading today. The US Securities and Exchange commission gave the go ahead last night for 11 spot ETFs from financial institutions including Black Rock and Fidelity.
Well you can think of it as huge bucket of Bitcoin which is put onto the stock market and traded by fund managers and retail investors as they buy a portion of the bucket in hopes that the future price of Bitcoin will increase significantly in value. Investors are then paid dividends typically quarterly for the gains made.
Because of this, it is expected that the approval of the Bitcoin Spot ETF will increase crypto adoption as retail investors look to diversify their investment portfolio in cryptocurrency associated securities.
The announce came in around 12 hours ago from the time of writing and at 9am GMT there is already a significant surge in the prices of cryptocurrency. Surprisingly Bitcoin is down 0.58% while alt projects such as ETH are up 8%, Polygon 7% and Cardano 10%. It looks as if crypto collectors and speculating the an Ethereum ETF approval will follow Bitcoin and so are stacking their bags in time for the manifestation of this ideal.
Whether this is the beginning of the Bull market is hard to say at this point however there are some good indications that we could see a nice green gallop for crypto in 2024.
Gary Gensler, who is to some Degens, the number one enemy of crypto currency’s adoption had this to say in a quote provided by the Financial Times.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” he said, telling investors to “remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto”.
Despite having their X account hacked on Tuesday displaying a tweet claiming that the Spot ETF had been approved, the SEC continues to extend an arm of protect to those making financial investments. Remember Always do your own research and only invest money you’re not going to miss.
We would love to hear your opinion on the Bitcoin Spot ETF. Be sure to follow the author on X @Lorae_kn and to catch up with the last episode of #WTFCrypto on YouTube.
[ad_2]
Source link