The U.S. Securities and Exchange Commission (SEC) has officially announced the approval of a Spot Bitcoin Exchange-Traded Fund (ETF), a significant milestone for the cryptocurrency industry. Following the announcement, Bitcoin’s price briefly surged to $47,972, although the initial spike was not as dramatic as expected and subsequently retracted.
Anticipation for the approval was high, with many expecting the decision to come on Wednesday. Despite the certainty of approval, the actual announcement triggered speculative selling, leading to a drop in Bitcoin’s price. The SEC’s statement highlighted that approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continuous investor protection.
The market is observing Bitcoin’s price closely, which approached $45,500, resembling a daily low. The first trading volume of ETFs, if as high as anticipated, could lead to further price increases tomorrow. However, this development could also result in continued negative trends for altcoins due to Bitcoin’s price volatility.
