The approval of spot Bitcoin ETFs in the United States appears to be inevitable. This comes after the US Securities and Exchange Commission (SEC) has taken civil actions to weed out the majority of rogue players, ensuring transparency and proper reporting to investors. The cryptocurrency is on the brink of a new era of mainstream adoption, fueled by institutional investors. Former SEC Chair Jay Clayton has admitted that the approval of spot BTC ETFs is inevitable, and current SEC Chair Gary Gensler has significantly changed his stance on crypto assets.
Bitcoin has led the altcoin market in a general recovery after a significant selloff last week, which resulted in nearly $1 billion in crypto liquidations. Bitcoin’s price has since recovered and was trading around $45k on Monday. The cryptocurrency industry has recorded increased volatility, led by Bitcoin prices. The crypto frenzy has escalated as fund managers seeking to offer spot Bitcoin ETFs have entered into a fee war. Bitwise Invest has the lowest fee of 0.24 percent, closely followed by VanEck with 0.25 percent monthly. BlackRock intends to charge between 0.2 percent and 0.3 percent on its IBIT depending on the investment made, while the largest fees on spot Bitcoin ETF will be on Grayscale Bitcoin Trust (GBTC) with 1.5 percent monthly.
The altcoin market has been established from the notable success of Bitcoin, despite the slow decoupling. The inevitable approval of spot Bitcoin ETF has seen Bitcoin’s dominance revisit crucial resistance around 54 percent. The weekly Bitcoin death cross that threatened the flagship coin with a more bearish outlook has been invalidated after the 50 and 200 Moving Averages (MA) experienced a golden cross. Experts are forecasting more cash inflow to the crypto industry in the next 24 months, which is expected to cause more volatility in the altcoin market. The altcoin market cap has already broken out of a macro horizontal consolidation and successfully retested in preparation for a full send-off.
The crypto market is in the early phases of a macro bull market that will be triggered by the fourth Bitcoin halving in April this year. The total crypto market cap has risen around 1.2 percent in the past 24 hours to about $1.74 trillion and an average daily traded volume of about $124 billion. Bitcoin price has edged 2 percent higher in the past 24 hours to trade at an undisclosed price.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler, Jay Clayton, James Seyffart |
| Companies | VanEck, Grayscale Bitcoin Trust, US Securities and Exchange Commission, Bitwise Invest, BlackRock |
| Currencies | Bitcoin |
| Securities | None |
