The price of Bitcoin (BTC) has started a bull run, breaking through the $47.000 barrier per unit.
The world's most capitalized cryptocurrency has reached a price of $47.130, at the time of writing this article, following the approval of spot ETFs in the United States.
On January 10, the Securities and Exchange Commission (SEC) gave the green light to Bitcoin-based exchange-traded funds, which will begin trading on major stock exchanges starting today.
The news of the approval of spot ETFs, which the crypto community has been waiting for for a decade, is driving the price of the cryptocurrency higher. According to data from CoinMarketCap, BTC is up more than 2% in the past few hours, while its daily trading volume has grown by more than $2.000 billion since Wednesday.
Source: CoinMarketCap
The crypto community is quite optimistic about the approval of these investment funds, which could attract institutional investors en masse to the crypto ecosystem.
A historic moment for the crypto industry
Bitcoin has marked a historic milestone by gaining SEC approval to trade as a legitimate investment asset on national stock exchanges in the United States.
SEC Commissioner and Bitcoin enthusiast Hester Peirce, known as “Crypto Mom,” celebrated the cryptocurrency’s victory on January 10 after engaging in what she called “an unnecessary saga” with the securities regulator.
According to Peirce, both Bitcoin and the crypto industry faced a tough time due to the SEC's persistence in denying approval of exchange-traded funds until a court reminded the securities regulator that it had not made a valid argument to continue rejecting applications for these cash funds.
Peirce also highlighted that the SEC wasted a decade of innovation and opportunity, but that now that it has approved the listing of these investment products, it is giving investors a genuine opportunity to “express their thoughts on bitcoin by buying and selling bitcoin spot ETPs,” emphasized the commissioner.
Continue reading: BREAKING NEWS: SEC Approves Bitcoin ETFs
