Hassan Maishera
The much-anticipated approval of Bitcoin Exchange Traded Funds (ETFs) finally came on Wednesday, January 10th. While the deadline required a decision on just one company’s proposal, the Securities and Exchange Commission approved every company’s approval.
Richard Teng, the CEO of Binance, has noted that this will increase access to Bitcoin for a wider audience. Binance is a major cryptocurrency exchange whose native cryptocurrency’s value has gone up 4.88% over the last 24 hours, compared to just 2.97% for Bitcoin. You can sign up to trade these currencies from the link in our Binance review.
Many speculated that the price of the cryptocurrency would skyrocket or crash, depending on the final decision. However, the resounding approval did not immediately trigger a huge increase in the price of Bitcoin.
Far from witnessing spectacular rebounds as has occurred on other occasions, the truth is that the reigning cryptocurrency is trading with some reluctance this Thursday. By mid-morning, Bitcoin had barely increased by 1.3% in the last 24 hours, reaching $46,200, showing a certain apathy throughout the Asian and part of the European stock trading session.
However, this does not rule out the possibility of BTC/USD reaching $50,000 to $51,000 before a significant correction.
It seems that other cryptocurrencies have been attracting investors during this time. Ethereum is evidently attracting speculators' attention, experiencing a gain of over 13% in less than 36 hours, fueled by expectations of being the next favorite for ETP (Exchange Traded Product) approval. These anticipations could potentially drive the price of ETH higher in the next couple of months, reaching up to the $3,500 area – the peak observed in April 2022.
