As the US Securities and Exchange Commission (SEC) finally approved Bitcoin (BTC) exchange-traded funds (ETFs) on Wednesday, the news has sparked optimism among crypto analysts and market leaders, and the founder of Tron, Justin Sun, turned to X (formerly Twitter). ) to express their opinions on the matter.
As the US Securities and Exchange Commission (SEC) finally approved Bitcoin (BTC) exchange-traded funds (ETFs) on Wednesday, the news has sparked optimism among crypto analysts and market leaders, and the founder of Tron, Justin Sun, turned to X (formerly Twitter). ) to express their opinions on the matter.
Sun stated that the approval of the Bitcoin ETF in the US shows that the cryptocurrency trend is unstoppable. The Tron founder further stated that in the near future, the Asian and Chinese markets will also take advantage of this lucrative opportunity, and Bitcoin will eventually reach the world’s eight billion people.
Despite the long-awaited approval, the current price of Bitcoin, situated at $46,740, has seen a relatively modest increase of 2.41% in the last 24 hours. However, market watchers remain optimistic about the future and predict a possible rally for Bitcoin. For example, the cryptanalyst Michaël van de Poppe is outgoing that Bitcoin will reach the substantial range of $300,000 to $600,000 in the current market cycle.
Bitcoin ETF Race
About a dozen companies, including financial giants such as BlackRock, Grayscale and Fidelity, had been vying to establish Bitcoin spot ETFs. Following approval, these companies announced, and in some cases adjusted, the fees they intend to impose on investors. This fact underscores the competitive landscape that is emerging as companies strive to attract investors.
It is crucial to note that the Approved Spot ETFs They differ from previously licensed Bitcoin futures ETFs as the former contains actual Bitcoin, while the latter involves derivatives contracts tied to BTC. The approval by the US SEC marks a milestone in a journey that has seen years of delays and outright rejections of numerous attempts to launch spot Bitcoin ETFs.
As the cryptocurrency landscape evolves with the United States taking this innovative step, industry participants are watching future developments, especially in the Asian and Chinese markets, echoing Justin Sun’s prediction of increasingly global adoption. largest of cryptocurrencies. The green light for Bitcoin spot ETFs opens up new possibilities for market growth and adoption, bringing Bitcoin to an even broader audience around the world.
