2 November 2024
BTC Surpasses $60K After SEC Approves Bitcoin ETF
Bitcoin (BTC) recently surpassed $60,000 for the first time since April, following the U.S. Securities and Exchange Commission (SEC) announcement of the Bitcoin futures exchange-traded fund (ETF), triggering a price spike throughout the whole Cryptocurrency market.
This move was initially fueled by rumors which had circulated before the initial announcement that the SEC would approve the first Bitcoin ETF early next week. In April 2021, when BTC reached its all-time high, the crypto market cap was $2,194 trillion. Whereas now it has reached $2,505 trillion, with many experts still predicting that Bitcoin will record a new all-time high.
Presently the total volume of the crypto market in the last 24 hours was $116.23 billion, with a 0.72% rise.
Raoul Pal, the economist, investment strategist, and former hedge fund manager considers issuing the BTC futures ETF as a positive move. Meanwhile, Pal admitted that it essentially provides huge arbitrage opportunities for hedge funds to be traded at a big premium during bull phases and they will be able to profit from those returns.
Adding further, Paul affirmed that, “This is the old financial market trick – you now have to add multiple new intermediaries who all make profits – the ETF provider, clearinghouse, futures broker, administrator, auditor, law firm, CME and hedge fund arbs. Wall Street gets richer. Retail investors lose. Again.”
Currently, Bitcoin is trading hands at $61,400, up 3.49% in the past 24 hours and 11.84% over the previous seven days.
Apart from this, the prices of other major cryptocurrencies have also experienced significant rises, with Ethereum (ETH), Binance Coin (BNB), and Polkadot (DOT) all-seeing price increases of between 10% or more.
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