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- 1 Fidelity Investment & Galaxy Digital have revised their ETF filing as the SEC comes close to deciding spot Bitcoin ETF.
- 2 Bitcoin’s price declined significantly in the past 24 hours, but trading volume has improved.
- 3 MicroStrategy, a leading Bitcoin holder, repurchased BTC worth over $615 Million.
As the Securities and Exchange Commission is heading towards the approval of the first Bitcoin spot ETF in the region, companies started competing by refiling their updated lower transaction fees.
In the last two weeks of December 2023, Fidelity and Galaxy Digital significantly changed their transaction fees for spot ETFs. The tug-of-war between the giants has stirred the market and built a positive environment, leading to a surge in the market.
Back-to-back ETF filing shows companies’ keen interest in the entry into crypto. As per analysts, a significant spike in the price of Bitcoin was seen when global leading company BlackRock announced its announcement to enter crypto.
The approval of spot ETF will allow the users to trade (buy, sell) their favorite crypto token, as per their financial status. ETF approval is expected to fuel the adoption of crypto globally as it will enable crypto enthusiasts to hold crypto tokens/ coins in smaller amounts as per their funds and needs.
Other News Related to ETFs
As per the available data, the U.S. SEC has rejected dozens of spot Bitcoin ETFs in the past few years, highlighting the concern of vulnerability and other popular manipulations in the crypto market.
The Securities and Exchange Commission of the United States has earlier approved ETFs related to Bitcoin and Ethereum Futures Contracts traded on the Chicago Mercantile Exchange.
The final decision of the SEC over ETFs is likely to shape the industry’s future. If the regulatory body approves, a boost in adoption is expected. If not, companies might leave the U.S. and apply to other regions.
From November 2023 to December 2023, MicroStrategy, a leading Bitcoin holder, repurchased BTC worth over $615 Million. After the recent purchase, MSTR now holds 189,150 Bitcoins priced at $8073410572.68 (Press time price).
Crypto Market Overview
The crypto market has performed at its verge in 2023. However, market observers believe that the enthusiasts of spot Bitcoin ETF majorly fueled the surge.
When writing about the pioneer of the crypto market, Bitcoin was trading at $42,444 with an intraday decline of 6.32%. Despite a price decline, volume showed improvement, and a surge of 23.49% was noticed.
However, in the past 24 hours, the entire crypto market capitalization slipped 7.70%, and when writing, it was $1.62 Trillion. At the time of publishing, the crypto fear & greed index of CoinMarketCap says that the market is greedy (73.66).
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
