In a whirlwind of developments taking place across the cryptocurrency world, this week saw a huge milestone for cryptocurrency trading globally, as the SEC's approval of spot Bitcoin ETFs appears to have sparked massive optimism in the market. With the recent entry of ETF approval into the cryptocurrency space, 11 major exchange-traded products have emerged within the market, sparking great curiosity among cryptocurrency traders and investors. In line with this, some of this week's notable buzz stories are:
The SEC's position on ETF approval
Although this week began with a swirl of speculation about the SEC's stance on Bitcoin ETF approval, the regulatory body has finally shown the green light for approval, orchestrating a wave of enthusiasm across the cryptocurrency trading landscape. However, this week, a fake SEC circular sparked a dramatic development across the broader market. However, after the regulatory body clarified the fake post, approval was immediately granted for trading Bitcoin ETFs. The public markets for the same began the day after the approval.
Read also: SEC X Hack: What actually caused the blunder?
Ark 21, VanEck, and BlackRock, among others, use ETFs
According to multiple reports from CoinGape Media over the past week, Ark 21 and BlackRock appear to have upped their game on the Bitcoin ETF race. The two entities significantly reduced ETF fees in S-1 filings just prior to approval, raising the risks even higher. Moreover, VanEck, along with WisdomTree, has entered the fray with its DTCC listing at the right time, as approval looms on the horizon for cryptocurrencies.
Furthermore, VanEck provided its ETF with an investment of $72.5 million, while BlackRock simultaneously made an initial investment of $10 million. Meanwhile, Bitwise, another participant in the competition, invested $500,000 in its ETF.
Grayscale (GBTC), another major player, led the way with its approval confirmed this week, followed by approval of 10 other products. These included:
Bitwise Bitcoin ETF (NYSEMKT: BITB), ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB),
Fidelity Wise Origin Bitcoin Fund (NYSEMKT: FBTC), Valkyrie Bitcoin Fund (NASDAQ: BRRR), iShares Bitcoin Trust (NASDAQ: IBIT), VanEck Bitcoin Trust (NYSEMKT: HODL), Franklin Bitcoin ETF (NYSEMKT: EZBC), Wisdomtree Bitcoin Trust (NYSEMKT: BTCW), Invesco Galaxy Bitcoin ETF (BATS-CHIXE: BTCO),
Hashdex Bitcoin ETF (NYSEMKT: DEFI)
Read also: Bitcoin ETF: Cathie Wood calls Vanguard’s decision to exclude ETFs “terrible”
