All eyes on Bitcoin as SEC approves spot ETFs
Bitcoin remained flat while altcoins saw significant gains after the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) from fund managers like BlackRock and Fidelity. BTC prices only experienced a minor increase to $47,600 before retracting. In fact, prices climbed higher when the SEC’s social media account was hacked with fake ETF news the day before. Analysts had already anticipated this approval and it may be a sell-the-news event.
‘Altseason’ ignited by SEC approval
The SEC’s approval of Bitcoin spot ETFs seems to have sparked an “altcoin season,” with many crypto assets experiencing double-digit surges. Altcoin Sherpa expressed surprise at the behavior of altcoins in response to the news. Crypto trader Scott Melker commented that Gary Gensler’s approval of a Bitcoin Spot ETF resulting in altcoin pumps is an ideal outcome.
Altcoin winners post SEC ETF approval
Altcoins are outperforming Bitcoin across the board, with every altcoin in the top twenty by market cap surpassing BTC’s performance. Ethereum has surged 10% to reach $2,583, its highest price since May 2022. Other altcoins experiencing gains include Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and Polygon (MATIC). Several other altcoins, including Uniswap (UNI), Ethereum Classic (ETC), Optimism (OP), Near Protocol (NEAR), Filecoin (FIL), Arbitrum (ARB), and Immutable (IMX), are also seeing double-digit increases.
Hot Take: Altcoin season ignited by SEC approval of Bitcoin spot ETFs
The approval of spot Bitcoin ETFs by the SEC has triggered an altcoin season, with altcoins surging and outperforming Bitcoin. While BTC prices remained relatively flat, many crypto assets experienced significant gains. This event has surprised analysts who anticipated a sell-the-news reaction to the approval. Altcoin Sherpa expressed astonishment at the behavior of altcoins, and industry executive Dan Gambardello commented that altcoins’ outperformance upon ETF approval is typical in the crypto market. Overall, altcoins are dominating the market, with Ethereum leading the way with a 10% surge. It remains to be seen how long this altcoin season will last and how it will impact the overall crypto market.
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