• Bitcoin anticipated to reach nearly $100,000 by the end of 2024
• Around 88% of financial advisors to invest in Bitcoin after spot Bitcoin ETF

After months of anticipation and excitement, the crypto-market welcomed the news that the U.S. Securities and Exchange Commission approved 11 spot Bitcoin [BTC] ETFs. These products began trading on Thursday, the 11th of January.

The first day of trading alone generated nearly $4.6 billion volume in buying and selling. And the first three days of trading brought in almost $10 billion in volume. Analyst Eric Balchunas highlighted just how extraordinary this number was in a post on X.

However, despite the enthusiastic participation, the price of Bitcoin has slumped by nearly 16% since that day’s high at $49k.

A new chapter in the crypto-industry

The industry had pinned its hopes on the approval of a dozen odd Bitcoin spot exchange-traded funds (ETFs) in the U.S. market. These financial instruments offer an easier way to gain exposure to crypto-assets.

While spot ETFs did exist in countries like Canada and Germany, the U.S., as home to some of the world’s biggest asset managers and institutional liquidity, is a different ball game altogether.

Ark Invest and 21Shares were the early movers when it came to filing for a spot Bitcoin ETF in U.S. The pair had applied earlier in April.

This was followed in June by a rush of applicati

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details