By 06:44 ET (11:44 GMT), Bitcoin had jumped 3.0% to $46,929.1. Meanwhile, individual stocks affiliated with the token advanced, including exchange platform Coinbase (NASDAQ:COIN) as well as crypto miners Marathon Digital (NASDAQ:MARA), Cipher Mining (NASDAQ:CIFR) and Riot Platforms (NASDAQ:RIOT).
In a decision that is anticipated to have sweeping implications for the wider crypto industry, the U.S. Securities and Exchange Commission gave the green light on Wednesday to 11 applications from a range of issuers, including BlackRock (NYSE:NYSE:BLK) and Fidelity as well as digital currency asset manager Grayscale.
Some proponents of Bitcoin, the world’s most popular cryptocurrency, have claimed that the SEC’s approval would spark a rush of demand into the token. Through a spot Bitcoin ETF, investors will have the chance to gain exposure to the digital asset without directly owning it.
Detractors have, however, flagged that ETFs could persuade retail traders to pour money into a sector that has been beset with a spate of fraud-related scandals and huge volatility.
The decision, which was backed by SEC Chair and known crypto-skeptic Gary Gensler, marked a U-turn for a commission that has largely been reticent to sign off on a spot Bitcoin ETF for much of the past decade.
It also comes after hackers temporarily took control of the SEC’s account on social media platform X on Wednesday and falsely claimed that the regulator had already approved the applications, sparking wild fluctuations in the price of Bitcoin.
“We view today’s approval as a landmark milestone in Bitcoin’s short history, with substantial implications for long-term price appreciation,” analysts at Cantor Fitzgerald said in a note to clients.
Source: Cryptocurrency - investing.com
