The United States (US) is one of the strongest economic powers in the world. However, its investors were prohibited or advised not to invest directly in any cryptocurrencies. This issue stems from the Securities and Exchange Commission’s (SEC) non-recognition of them as securities. However, that changed on 10th January when they approved 11 exchange-traded funds (ETF).
The SEC still cannot regulate crypto trading for private investors because they cannot identify Bitcoin (BTC) and similar assets as securities. Thus, their framework is limited in its scope. However, a Bitcoin ETF allows asset management firms like BlackRock, Fidelity, and Grayscale to invest in BTC on behalf of clients.
These exchanges are allowed to invest in Bitcoin spot gains on behalf of their clients. This allowed US money to flow through the crypto market, thereby bolstering its growing economy at a rapid rate. Bitcoin prices were once halted at a $35,000 ceiling around November 2023 and it gradually rose to a $40,000 to $46,000 average towards 2024.
There was a sudden drop down to $39,000 when BTC came close to a $44,000 selling price just a week after Bitcoin ETFs were approved because of strong liquidity. It rubber bands upwards soon after, hinting at a $45,000 rebound in February. This is great news for all Bitcoin hodlers, traders, and even casino crypto players alike as the market exhibits strength and opportunities for profitable trading.
How did this happen to Bitcoin?
The market went crazy as asset management firms began buying Bitcoin en masse to satisfy client demands. This bullish trend is evident in leading crypto exchanges like Binance, Coinbase, and Gemini. All of these have had their differences with the SEC before but they are now crucial to ETFs’ success.
The high trade volume is beneficial for Bitcoin because it promotes great confidence in BTC. As long as the platform is getting daily trade offers, it will continue to keep the asset prices volatile. Such a strong flow of activity was only made possible with Bitcoin ETFs connecting US investors with crypto, giving the virtual asset economy a much-needed boost.
What are the Bitcoin ETFs approved by the SEC?
The SEC has announced a complete list of all ETFs approved on 10th January. Here’s each one of them and their ticker listed at exchanges:
- BlackRock’s iShares Bitcoin Trust (IBIT)
- GrayScale Bitcoin Trust (GBTC)
- ARK 21Shares Bitcoin ETF (ARKB)
- Bitwise Bitcoin ETF (BITB)
- WisdomTree Bitcoin Fund (BTCW)
- Invesco Galaxy Bitcoin ETF (BTCO)
- VanEck Bitcoin Trust (HODL)
- Franklin Bitcoin ETF (EZBC)
- Fidelity Wise Origin Bitcoin Trust (FBTC)
- Hashdex Bitcoin Futures ETF (DEFI)
- Valkyrie Bitcoin Fund (BRRR)
You can find SEC-approved Bitcoin ETFs in the following exchanges:
- National Association of Securities Dealers Automated Quotations (NASDAQ)
- BZX Exchange
- New York Stock Exchange Archipelago (NYSE Arca)
The collective impact of these developments has contributed to BTC’s positive trends lately. It’s beneficial for all users because it will continuously raise prices and orders, leaving an overall better market condition for its users. You can now enter any exchange and be confident that you’ll end up with high-profit gains. Prepare your casino crypto winnings so you can ride the price hike coming to BTC.
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