Groundbreaking Milestone: 11 BTC ETFs Secure Historic Approval in the US, Sending Profits Surging Across Crypto Charts Today
Regulatory Breakthrough: SEC Approves 11 Bitcoin ETFs, Including Blackrock and Fidelity, Marking a Historic Milestone
Bitcoin maintained its trading momentum on Thursday, January 11, hovering around the price of $46,331 (approximately Rs. 38.4 lakh) with modest gains. However, the real spark in the crypto space came with a groundbreaking development from the US Securities and Exchange Commission (SEC), as it granted approval to 11 Bitcoin ETF applications, featuring industry giants like Blackrock, Fidelity, and Invesco. Although Bitcoin’s immediate reaction to the news was subdued, the global crypto community is buzzing with excitement, signaling a positive shift in market sentiment. As the crypto landscape absorbs this pivotal development, profits are starting to materialize on the price chart.
In tandem with the Bitcoin euphoria, Ether experienced a notable surge, posting a remarkable profit of 9.99 percent on Thursday. This propelled the value of ETH to reach $2,606 (approximately Rs. 2.16 lakh), marking a 20-month high for the popular cryptocurrency.
Edul Patel, CEO of Mudrex, commented on the SEC’s decision, stating, “The decision to greenlight 11 spot Bitcoin ETFs reflects a growing acceptance and recognition of digital assets within traditional financial markets. This move is expected to bring about increased adoption, liquidity, and overall market maturity. It also signifies a shift in the perception of cryptocurrencies from a niche asset class to one that is gaining mainstream acceptance.” The approval of these ETFs is seen as a significant step towards mainstream adoption, fostering liquidity and contributing to the overall maturation of the cryptocurrency market.
The future price movement will also be impacted by further capital inflows into Bitcoin ETFs. The abundance or scarcity of funds will play a crucial role in market sentiment and price fluctuations, determining whether Bitcoin prices continue to rise or experience a decline. This event may trigger intense market volatility, and investors should closely monitor the market’s reaction post-ETF approval, as well as the flow of funds, to better formulate their investment strategies,” Ryan Lee, Chief Analyst at Bitget Research
A small number of cryptocurrencies did see minor losses on Thursday. These include Tether, Solana, USD Coin, Leo, and Bitcoin SV.
“Now that the SEC has approved Bitcoin ETFs, it is expected that financial institutions in other regions will apply for similar businesses in the United States. To prevent large and medium-sized financial institutions from transferring their funds out of the region, other financial centres such as London, Hong Kong, Singapore, and Tokyo are also expected to introduce policies related to BTC spot ETFs. This will ultimately lead to the widespread globalization and adoption of cryptocurrency. Additionally, the attributes of cryptocurrency are likely to expand beyond BTC to include ETH, stablecoins, and other tokens, allowing more people to understand the significance of cryptocurrency,” Lee added.
As of Thursday, the cumulative market capitalization of the entire cryptocurrency market reached $1.76 trillion (approximately Rs. 1,46,01,628 crore). According to data from CoinMarketCap, the market’s valuation witnessed a notable increase of 2.77 percent within the last 24 hours, indicating a positive momentum across various digital assets. This surge in market cap reflects the dynamic nature of the cryptocurrency space and suggests ongoing interest and investment in the digital asset ecosystem.
