SEC Approval of Bitcoin ETFs , Could Revitalize the Crypto Market.<br />On January 10, America's securities <br />regulator approved the first U.S.-listed exchange <br />traded funds (EFTs) for tracking bitcoin.<br />On January 10, America's securities <br />regulator approved the first U.S.-listed exchange <br />traded funds (EFTs) for tracking bitcoin.<br />Reuters reports that the decision by the Securities <br />and Exchange Commission comes as a watershed <br />for the world's leading cryptocurrency. .<br />After nearly a decade, the introduction of ETFs offers <br />investors access to bitcoin without directly holding it, <br />which could offer the entire crypto industry a major boost.<br />After nearly a decade, the introduction of ETFs offers <br />investors access to bitcoin without directly holding it, <br />which could offer the entire crypto industry a major boost.<br />It's a huge positive for <br />the institutionalization <br />of bitcoin as an asset class, Andrew Bond, managing director and senior<br />Fintech analyst at Rosenblatt Securities, via Reuters.<br />According to Standard Chartered analysts, <br />ETFs could bring in between $50 <br />and $100 billion over the next five years.<br />According to Standard Chartered analysts, <br />ETFs could bring in between $50 <br />and $100 billion over the next five years.<br />As of January 10, bitcoin's market capitalization <br />was at over $913 billion, according to CoinGecko.<br />In recent months, the value of the cryptocurrency <br />has skyrocketed over 70% in anticipation of the <br />ETF, reaching its highest level since March 2022. .<br />It is pretty unprecedented, <br />so we'll see how it works. <br />I've never been in a situation <br />where 10 of the same ETF <br />was launched on the same day, Steven McClurg, chief investment <br />officer at Valkyrie, via Reuters.<br />The SEC's approval of bitcoin ETFs came one day after an incident where an unauthorized person posted on the agency's X account <br />that the product had been approved for trading.<br />The SEC said it is coordinating with <br />law enforcement and the agency's internal <br />watchdog to investigate the incident.
