SEC Approves Trading of Spot Bitcoin ETFs
The United States Securities and Exchange Commission (SEC) has given its official approval for the trading of spot Bitcoin exchange-traded funds (ETFs). Since the news broke, the price of Bitcoin has been volatile, but it is currently hovering around the same level as before. As of now, Bitcoin (BTC) is being traded at $45,814. It briefly surged to $46,263 but has since experienced a slight decline.
Ethereum Surges Above $2,500
In contrast, Ethereum (ETH) has seen a significant rise, surpassing $2,500 for the first time since May 2022. The price of Ethereum continues to climb while Bitcoin fluctuates. At present, Ethereum is trading at approximately $2,550, marking an 11% increase over the past day.
Hot Tokens on Wednesday
Additionally, native tokens for Ethereum scaling networks have experienced a surge in value on Wednesday. Arbitrum (ARB) has risen by 26% in the last 24 hours and is currently priced at $2.18. Similarly, Optimism (OP) has increased by 11% today and is valued at $3.92. Following the approval of the Bitcoin ETF, Arbitrum reached an all-time high price yesterday afternoon.
Cryptocurrency Market Sees Overall Growth
Overall, the cryptocurrency market has shown a 2% increase over the past 24 hours.
Hot Take: Impact of SEC Approval on Crypto Market
The recent approval of spot Bitcoin ETFs by the SEC has had mixed effects on the crypto market. While Bitcoin’s price experienced volatility and Ethereum surged to new heights, other tokens associated with Ethereum scaling networks also saw significant gains. It remains to be seen how the market will continue to react in the coming days and what impact this approval will have on the broader adoption of cryptocurrencies.
By
By
By
By
By