Bitcoin Trades Sideways After SEC Greenlights Spot Bitcoin ETF
Bitcoin was hovering around an elevated flatline on late Wednesday after the Securities and Exchange Commission gave the go-ahead for the first spot bitcoin exchange-traded funds (ETF) to be traded in the U.S., as expected.
According to Coin Metrics, the cryptocurrency pared earlier losses and was most recently trading around $46,671. Meanwhile, the price of ether shot up as much as 15.5% to $2,606, the highest since May 2022. Most recently it was up 14.5% at $2,586.54.
The ETF approval is a milestone for the crypto industry, which first sought to launch a bitcoin ETF more than 10 years ago. Optimism has been building since Grayscale's major legal victory over the SEC in August regarding the regulator's refusal to allow them to convert their popular Bitcoin Trust (GBTC) into an ETF. The price of the leading cryptocurrency has risen 80% since then.
According to Coin Metrics, the cryptocurrency pared earlier losses and was most recently trading around $46,671. Meanwhile, the price of ether shot up as much as 15.5% to $2,606, the highest since May 2022. Most recently it was up 14.5% at $2,586.54.
The ETF approval is a milestone for the crypto industry, which first sought to launch a bitcoin ETF more than 10 years ago. Optimism has been building since Grayscale's major legal victory over the SEC in August regarding the regulator's refusal to allow them to convert their popular Bitcoin Trust (GBTC) into an ETF. The price of the leading cryptocurrency has risen 80% since then.
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