SEC Chairman Gary Gensler, in a personal announcement on the Commission’s website, revealed the approval of 11 applications for the creation of exchange-traded funds (ETFs) based on Bitcoin. Trading of these new investment products is now permitted on major stock exchanges such as the New York Stock Exchange (NYSE), NASDAQ, and the Chicago Board Options Exchange (CBOE).
At the opening of the American trading session, the aggregate trading volume of shares from the 11 spot ETFs exceeded $1 billion within the first 30 minutes, as reported by ETF market analyst James Seifert at Bloomberg. Simultaneously, the price of Bitcoin reached $49,000 for the first time since 2022.
The SEC’s decision sparked excitement in the crypto industry, with numerous expert forecasts about Bitcoin’s future. Many analysts, including Standard Chartered (LON:STAN), expressed optimistic predictions that the BTCUSD price will reach $200,000. Former BitMEX CEO Arthur Hayes stated that by 2026, the price of Bitcoin could range from $750,000 to $1 million.
Undoubtedly, the price of the leading cryptocurrency, Bitcoin, will have an impact on the entire crypto market. Therefore, now is the best time to invest in digital assets.
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