That week…
The United States Securities and Exchange Commission has finally given the green light to a spot bitcoin exchange-traded fund (ETF). Those of you who have followed the industry for many years know that this has been one of the most anticipated moments and it is absolutely monumental how far the industry has come in 2024.
But the process itself was particularly complicated, to say the least. First, the SEC's X account was compromised and the attacker tweeted (falsely) that the ETF had been approved. This happened before the long-awaited deadline and caused a stir in the market, causing the price of btc to go up and down like a rollercoaster. President Gensler was quick to confirm the security breach.
A couple of days later, when the final decision was supposed to come, the SEC website saw the official order published, giving the green light to detect bitcoin ETFs. The community was euphoric… for a moment. Minutes after the link leading to the order was posted, it was deleted, causing many to wonder if it was not the work of another criminal.
After a back-and-forth that lasted a few hours, the ETF was finally confirmed. The price went on a rampage of volatility, reaching $49,000 and dropping $3,000 almost immediately afterward.
Despite this monumental week for btc, it only managed to rise by around 2.8% and is trading below $45,000 at the time of writing.
But that is not all.
ethereum appears to be the big winner this week as the price of eth skyrocketed a whopping 20% after the btc ETF was approved. The reason seems simple in retrospect. The SEC gave the go-ahead to a btc spot ETF which strengthens the odds that it will do the same for an eth ETF, and quite a few applications have been filed for that as well.
In fact, BlackRock, the world's largest asset manager, has also applied for eth. Larry Fink, the company's CEO, said today that he sees a lot of value in the Commission giving the green light to an eth ETF as well.
In the midst of all this, Circle, the company that issues the world's second-largest stablecoin (USDC), announced plans to go public.
It's also worth noting that all of this happened just a few months before the long-awaited bitcoin halving event, so it looks like we're in for an exciting 2024.
Market data
Market capitalization: $1.816 trillion | Vol. 24H: 145 billion dollars | btc dominance: 47.9%
btc: $44,484 (+2%) | eth: $2,663 (+18.5%) | BNB: $306 (-2.9%)
You Better Don't Miss This Week's crypto Headlines
It's official: SEC approves bitcoin spot ETFs for trading in the United States. The long wait is finally over. The U.S. Securities and Exchange Commission gave the green light to a spot bitcoin ETF in an unprecedented move earlier this week.
bitcoin ETF volumes exceed $4 billion with 700,000 trades on day 1. It was a very volatile day after the approval of the bitcoin spot ETF. The investment product itself recorded a combined trading volume of over $4 billion on the first day after its launch (across multiple providers).
Fake news: SEC Twitter account compromised. The launch of the btc spot ETF was not without setbacks. A couple of days before it happened, SEC account X was compromised. The perpetrator posted a fake approving tweet, sending the market into a spiral of volatility and resulting in the liquidation of leverage positions worth hundreds of millions.
USDC Issuer Circle Files for US IPO Circle, the company that issues the world's second-largest stablecoin (USDC), will pursue an initial public offering (IPO). Further details, such as the proposed number of shares and price range, have not yet been revealed.
Very important update on Ripple (XRP). Ripple, the company behind XRP, will buy back $285 million in shares from early investors and employees, according to Reuters. The tender would value the company at a whopping $11.3 billion.
Fundstrat predicts that bitcoin could reach $500,000 within five years. One of the most popular research firms focused on cryptocurrencies and a veteran player in the industry, Fundstrat, predicts that bitcoin will reach a whopping $500,000 in the next five years. The reason lies, in part, in the approval of btc spot ETFs.
Graphics
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