Bitcoin ETFs Get Approved: Major Surge in Cryptocurrencies
Major cryptocurrencies surged on Wednesday evening after U.S. regulators gave the green light to Bitcoin ETFs. Bitcoin’s price surged past $47,500 after the announcement, leading to a rally in other altcoins too. Around twelve prominent companies, including BlackRock, Fidelity, and Grayscale, have applied to establish BTC ETFs. These ETFs are spot-based, meaning they hold actual bitcoin, as opposed to the previously approved bitcoin futures ETFs, which are tied to BTC derivatives contracts.
The SEC’s approval comes after years of setbacks and rejections for spot Bitcoin ETF launches. It also follows a significant court ruling in August, where the D.C. Circuit Court of Appeals deemed the SEC’s rejection of Grayscale’s proposal to convert its approximately $26 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF as “arbitrary and capricious.”
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