Crypto Price Today: Bitcoin above $46,300 after US SEC approves spot ETFs; Ethereum jumps 10%
crypto market was trading over 3% higher on Thursday following the US SEC's approval of 11 spot Bitcoin ETFs.
The US Securities and Exchange Commission approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, among others, according to a notice on its website. Some products are expected to begin trading as early as Thursday, kicking off a fierce competition for market share.
At 10.:37 a.m., BTC was trading 0.86% higher at $46,346, while Ethereum was up 9.58% at $2,607. At the same time, altcoins, such as XRP, Cardano, Avalanche, Polkadot, Dogecoin, Polygon, Shiba Inu and Chainlink rose 5-14%.
«The crypto market has risen by 3% on a historic day of Bitcoin spot ETF approvals in the US. Bitcoin briefly breached $47,000 and is now consolidating near $46,400 before the next move up. Ethereum has surged by 9% today as investors remain optimistic about its spot ETF soon,» said Vikram Subburaj, CEO of Giottus.
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View Details»«There will likely be heightened volatility over the next 2 days – investors should avoid taking large positions, especially with leverage,» Subburaj suggested.
Mridul Gupta, COO at CoinDCX, said, «In the past 24 hours, the cryptocurrency market experienced positive momentum as the SEC approved all BTC spot ETFs. While the news is considered bullish for the market, BTC's price remained stable, moving sideways after an initial rally. The long-term outlook appears bullish for BTC and the overall crypto market.»
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