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This week, amid a flurry of cryptocurrency-related events, was historic for trading cryptocurrencies worldwide since the SEC approved spot Bitcoin ETFs, which seems to have greatly boosted market confidence. Since the ETF was approved and entered the cryptocurrency space, 11 significant exchange-traded products have appeared on the market, piqueing the interest of investors and traders alike. In keeping with this, a few of this week's major buzzworthy stories include:
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SEC's Position On The Approval Of The ETF
Despite the fact that this week began with a flurry of rumors regarding the SEC's position on the approval of the Bitcoin ETF, the regulatory body has now given the endorsement the go-ahead, sparking a surge of excitement throughout the cryptocurrency trading community. But this week, a phony tweet from the SEC's account sent a thrilling twist throughout the wider market. However, after the clarification around the fictitious post from the regulatory authority, authorization for trading Bitcoin ETFs was swiftly granted. The day after the approval saw the opening of the public marketplaces for the same.
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Among Others, VanEck, BlackRock, and Ark 21 Lead With ETFs
Over the past week, CoinGape Media has published a number of publications indicating that Ark 21 and BlackRock are becoming more competitive in the Bitcoin ETF competition. The stakes were raised even more when the two businesses significantly reduced their ETF fees in their S-1 filings just before the approval. Furthermore, just as the approval was about to come into play for the cryptocurrency market, VanEck and WisdomTree entered the fray with their listing on DTCC.
In addition, VanEck invested $72.5 million to seed its ETF, while BlackRock contributed $10 million at the same time. In the meantime, Bitwise, an additional competitor, put $500,000 into its exchange-traded fund.
Ten other products were approved this week, following the lead set by Grayscale (GBTC), another significant participant whose approval was confirmed this week. Among them were:
The following bitcoin exchanges: Bitwise (NYSEMKT: BITB), ARK 21Shares (NYSEMKT: ARKB), Invesco Galaxy (BATS-CHIXE: BTCO), Hashdex (NYSEMKT: DEFI), iShares (NASDAQ: IBIT), VanEck (NYSEMKT: HODL), Franklin (NYSEMKT: EZBC), Wisdomtree (NYSEMKT: BTCW), and Fidelity Wise Origin Bitcoin Fund (NYSEMKT: FBTC), Valkyrie (NASDAQ: BRRR).