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- 1 Experts believe that the approval of spot ETF will affect the traditional finance system.
- 2 The Securities and Exchange Commission of the United States approved the Bitcoin spot ETF on January 14, 2024.
- 3 On January 30, 2024, a leading media outlet of Hong- Kong reported that the SEC of the region had received the 1st spot ETF.
The market experts claim that the landmark decision of the U.S SEC over the application of spot ETF (Exchange Traded Fund), has made a strong bond between the volatile world of cryptocurrencies and the mainstream financial system or the traditional finance system.
The Securities and Exchange Commission of the United States has approved the Bitcoin spot ETF January 14, 2024, but it is crucial to note that despite showing positive momentum, it fell below $40k.
After the approval of the ETF a sum of over $100 Million was attracted towards the market in just a few hours.
Market analyst claims that the approval of spot ETF is a decision that might be backed by the pressure by leading asset managers. BlackRock, GrayScale and many others are in the list of players in the spot ETF category.
On January 30 2024, a leading media outlet of Hong- Kong reported that the SEC of the region had received the 1st spot ETF. Before the approval of spot ETF, Bitcoin and several other crypto tokens of the market were constantly flourishing, however, the market response was underwhelming.
Following the approval of spot ETF, a sudden surge in crypto adoption was seen in some European Union nations. Harvest Fund Management is one of the leading asset managers based somewhere in China.
Crypto Market Post ETF Approval
Bitcoin was flourishing before the approval of the ETF and tried several times to cross the resistance of $49k, however, it faced a severe reversal from the boundary of $48.
In the last two months of 2023, the Bitcoin price chart displayed immense positivity and was constantly trying to achieve a milestone of $49k. However, it failed and the price took a quick reversal from the boundary of $48k.
Crypto moguls and several nations appreciated the decision of the Securities and Exchange Commission (SEC). South Korea still stands on its call to support the rules that restrict the launch of spot ETFs (Exchange Traded Funds).
In the first week of 2024, the South Korean Financial Service Commission (FSC) made major changes in the rules governing the usage of credit cards. The commission’s new rule prohibits citizens from buying cryptocurrencies using their credit cards.
However, the crypto industry is evolving steadily. Dozens of countries are actively working to form a transparent set of rules for the industry and many small nations topped the crypto adoption list of 2023.
Today, on January 31, 2024, a local media outlet in China reported that the region’s government plans to make significant amendments to the AML regulations. It is expected that the government has planned something worse against crypto even after imposing a ban in 2021.
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
