US regulators make historic decision on bitcoin cryptocurrency

On Wednesday, January 10, the U.S. Securities and Exchange Commission (SEC) approved the first ever U.S. spot bitcoin ETFs. The SEC approved 11 applications from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, Wisdom Tree, Fidelity, and Franklin Templeton.

According to Gary Gensler, the Commission’s chairman, the regulator’s decision was largely influenced by Grayscale’s victory in court. The company proved that the SEC’s refusal to consider its application to transform the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was unlawful. «Congratulations to Grayscale. They made this [схвалення заявок на запуск спотових біткоїн-ETF] happen,» Bloomberg analyst Eric Balchunas wrote in his microblog.

Shortly after the decision was published, the Commission’s website went offline, unable to withstand the flow of visitors. Market participants are waiting for the launch of trading in spot bitcoin ETFs today, January 11, 2024. Issuers published information on fees for working with the instrument in advance on January 8. BTC $96,767.78 Bitcoin -1.78% Market capitalization $1.92 trillion VOL. 24 hours $1.87 billion reacted to the news of the approval of spot BTC ETFs in the United States by rising to $ 47,700. After that, the coin went into a correction. As of the time of writing, BTC is trading at $ 46,072. The market flagship failed to update the local high, which was recorded on the evening of January 9 amid fake news about the approval of spot ETFs on BTC.

The lack of active growth in bitcoin alarmed many members of the crypto community. Investors explained this behavior of the cryptocurrency by assuming that the approval of spot ETFs on BTC had already been priced in. However, many are expecting BTC to rise as trading begins. Thus, crypto industry analysts from Matrixport emphasized that the value of bitcoin will increase to $ 50,000 by the end of the month.