Bitcoin and Other Cryptocurrencies Making Gains as Market Awaits SEC's Approval
The price of Bitcoin has seen a 4% increase over the past 24 hours, reaching $46,700, and briefly surpassing the $47,000 mark on Monday for the first time since March 2022. This surge comes amidst growing anticipation that the U.S. Securities and Exchange Commission (SEC) will soon approve the first spot Bitcoin exchange-traded fund (ETF), a highly anticipated development that could significantly boost the crypto market.
Analysts believe that the approval of spot Bitcoin ETFs is imminent, with a decision expected as early as this week. "Bitcoin remains the talk of the town, with the cryptocurrency breaching $47,000 yesterday on speculation that we will finally see the SEC approve a raft of spot Bitcoin ETF products as early as tomorrow," noted Joshua Mahony, an analyst at broker Scope Markets. The announcement of fees associated with these ETFs by various applicants further indicates the likelihood of regulatory approval.
The prospect of spot Bitcoin ETFs being allowed to trade has been a driving force behind the bullish sentiment in the crypto market since last summer. Enthusiasts hope that this move will bring cryptocurrencies further into the mainstream, enabling fund managers and traditional market participants to allocate a portion of their portfolios to this dynamic asset. Mahony states, "The hope for Bitcoin enthusiasts is that this move will finally take crypto into the mainstream, allowing fund managers and more traditional market participants the ability to allocate a percent of their portfolio to this fast-moving asset."
While Bitcoin takes the spotlight, other cryptocurrencies have also seen positive movement. Ether, the second-largest cryptocurrency, rose by 2% to $2,300. Altcoins such as Cardano and Polygon experienced gains of 3% each, while leading memecoins like Dogecoin recorded a 1% increase and Shiba Inu rose by 3%.
The market eagerly awaits the SEC's decision on the spot Bitcoin ETFs, which could potentially mark a significant milestone for cryptocurrencies, opening the gates for increased investor interest and broader adoption.
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