PREVIEW

SEC Approval of Bitcoin ETFs Could Revitalize the Crypto Market. On January 10, America's securities regulator approved the first U.S.-listed exchange traded funds (EFTs) for tracking bitcoin. Reuters reports that the decision by the Securities and Exchange Commission comes as a watershed for the world's leading cryptocurrency. After nearly a decade, the introduction of ETFs offers investors access to bitcoin without directly holding it, which could offer the entire crypto industry a major boost. "It's a huge positive for the institutionalization of bitcoin as an asset class.", Andrew Bond, managing director and senior Fintech analyst at Rosenblatt Securities, via Reuters. According to Standard Chartered analysts, ETFs could bring in between $50 and $100 billion over the next five years. As of January 10, bitcoin's market capitalization was at over $913 billion, according to CoinGecko. In recent months, the value of the cryptocurrency has skyrocketed over 70% in anticipation of the ETF, reaching its highest level since March 2022. "It is pretty unprecedented, so we'll see how it works. I've never been in a situation where 10 of the same ETF was launched on the same day.", Steven McClurg, chief investment officer at Valkyrie, via Reuters. The SEC's approval of bitcoin ETFs came one day after an incident where an unauthorized person posted on the agency's X account that the product had been approved for trading. The SEC said it is coordinating with law enforcement and the agency's internal watchdog to investigate the incident. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT