SEC Approval for Bitcoin ETF Finally Arrives: How Did It Affect the Price? - Coin Newsletter

The spot Bitcoin ETF approval that the cryptocurrency market has been waiting for months has finally arrived from the SEC.

Highly anticipated by Bitcoin and cryptocurrency investors, spot Bitcoin ETFs have received approval from the US Securities and Exchange Commission (SEC). The approval to buy and sell Bitcoin from exchanges like a stock is a turning point for the cryptocurrency market.

Exactly one day before the actual approval given by the SEC, the regulator's Twitter account was hacked and a statement was made that the spot Bitcoin ETF approval was given. With this statement, the price of Bitcoin rose, but investors felt that the rise was limited. And then the actual confirmation didn't have a big impact on the price.

Bitcoin price remained dormant for an extended period at the $46,000 levels at the time of confirmation. While it seemed at the price that investors were uncertain about what to do, the price rose to 47,600 dollars at around 02:00 CET. The main reason for this rise is thought to be the statements of Elon Musk, the owner of Twitter, that he can provide Bitcoin integration to the social media platform

The price has retraced from the level where it rose to the region where the Bitcoin ETF approval came. However, during this period, Ethereum (ETH) and major altcoins showed bullish performance.

According to data from CoinGecko, Bitcoin is trading at $45,916, down 0.3% in the last 24 hours.

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