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Historic Approval Finally Paves Way for Spot Bitcoin ETFs on U.S. Exchanges ⋆ ZyCrypto

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Crypto Tycoon Mike Novogratz Is Confident Spot Bitcoin ETFs Will Be Approved This Year

Today, the United States Securities and Exchange Commission (SEC) approved a historic rule allowing the first spot Bitcoin exchange-traded funds (ETFs) to start trading on U.S. exchanges.

The SEC’s approval marks a historic milestone in the cryptocurrency industry after over a decade of previous efforts and rejections to convince the regulator to accept the trading of a spot Bitcoin ETF.

Until now, the SEC had been hesitant to approve a spot Bitcoin ETF, frequently citing concerns about the volatility and risks of BTC. However, the regulatory shift with Gary Gensler assuming the presidency of the SEC in 2021 renewed industry optimism.

While the path to approval has not been easy, with the Winklevoss twins pioneering the proposal for a spot ETF in 2013, the entry of BlackRock in November of last year was a significant, if not crucial, factor in approving spot Bitcoin ETFs.

This historic approval opens doors for U.S. investors to have exposure to Bitcoin without the need to custody or purchase BTC. Many analysts expect this new financial vehicle to facilitate the entry of billions of dollars into the cryptocurrency market.

Bitcoin’s price reacts positively to the news

At the time of drafting this news, the price of Bitcoin is trading at $46,895, representing a 4% increase from the minimum peak after the approval of the ETFs was announced. This suggests that traders are confident that the price could continue rising with the new capital injection from institutional investors.

However, other cryptocurrencies are outperforming BTC; ADA has risen by 12.33% to $0.606; ETH has increased by 8.52% to $2,543, a price not seen since mid-2022; XRP has also increased by approximately 7%, trading at $0.60.

It remains to be seen whether the bullish trend in the market will persist, taking BTC to $200,000 as projected by some major banks or if traders are on the lookout, waiting for the best moment to secure profits and take advantage of the classic “sell the news” strategy.

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