Major cryptocurrencies spiked on Monday evening amid growing anticipation for the approval of a spot-based BTC exchange-traded fund (ETF).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +6.45% | $46,527 |
| Ethereum (CRYPTO: ETH) | +4.71% | $2,309 |
| Dogecoin (CRYPTO: DOGE) | +2.28% | $0.079 |
What Happened: The rally occurred as investors eagerly await a regulatory decision for the first spot-basedbitcoin exchangetraded funds in the U.S., expected sometime this week.
Most market observers anticipate approval, with bulls predicting that these funds would significantly broaden the investor base for the asset and attract substantial inflows.
Today, major asset management companies like BlackRock, Fidelity, and Grayscale submitted updated S-1 filings to the Securities and Exchange Commission (SEC). Multiple issuers also disclosed the fees they would charge investors.Two days before the SEC is expected to approve one or more spot Bitcoin ETFs, all potential issuers have disclosed a crucial detail about their product: the fee, and they vary significantly.Among the 13 proposed ETFs awaiting SEC approval or rejection, the fee they charge is a key factor in setting them apart from one another. Lower fees, calculated as a percentage of the fund’s assets, mean more returns for investors.
Bitwise, a crypto native fund manager, stands out by charging the lowest fee at 0.24% after a 6-month period of no fees. However, some of its rivals are not far behind. Ark and 21Shares plan to charge 0.25%, while VanEck and Franklin list their fees at 0.25% and 0.29% respectively.
BlackRock, the world’s largest asset manager, has set its fee at 0.30%, which is lower than what some experts had anticipated, considering its size and reputation could have allowed it to charge more and still remain highly competitive in popularity.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Astar (CRYPTO: ASTR) | +26.85% | $0.14 |
| Bitcoin SV (CRYPTO: BSV) | +22.41% | $90.08 |
| Stacks (CRYPTO: STX) | +21.26% | $1.97 |
The global cryptocurrency market cap now stands at $1.63 trillion, showing a slight decline of 1.71% in the past 24 hours.On Monday, major stock averages showed an increase, mainly driven by the performance of technology shares, as Wall Street aimed to bounce back from a challenging…
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