Major cryptocurrencies surged on Wednesday evening after U.S. regulators gave the green light to Bitcoin ETFs.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +1.35% | $46,541 |
| Ethereum (CRYPTO: ETH) | +8.22% | $2,570 |
| Dogecoin (CRYPTO: DOGE) | +4.74% | $0.084 |
What Happened: The Securities and Exchange Commission (SEC) announced the approval of crucial filings from the markets aiming to list these products, which are set to commence trading on Thursday.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.”
In a statement, SEC Chair Gary Gensler referred to a court loss in 2023 as a factor in approving the dozen or so filings on Wednesday.
“The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP (the Grayscale Order). The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares,” he said.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Ethereum Classic (CRYPTO: ETC) | +27.18% | $27.19 |
| Arbitrum (CRYPTO: ARB) | +23.07% | $2.33 |
| Rocket Pool (CRYPTO: RPL) | +17.24% | $36.37 |
The global cryptocurrency market cap now stands at $1.70 trillion, showing a 0.57% decrease in the past 24 hours.
Stocks closed higher on Wednesday, as investors eagerly anticipated the release of fresh U.S. inflation data and earnings. The S&P…
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