US SEC Approves Spot Bitcoin ETF


SEC Approval

The U.S. Securities and Exchange Commission on Wednesday approved the listing and trading of a number of spot bitcoin exchange traded funds (ETFs) [1], after resisting such action for a long time. The door had opened following August's ruling by the U.S. Court of Appeals for the District of Columbia that the regulator was wrong to reject Grayscale's proposed ETF [2]

This is a watershed moment, which will allow investors to have exposure to bitcoin without owning it and has the potential to lead to greater crypto adoption. Despite the green light, SEC Chair Gary Gensler maintained a hard line around digital currencies. He noted that Wednesday's decision "should in no way signal the Commission's willingness to approve listing standards for crypto asset securities". [3]

Optimism around the outcome has helped BTC/USD into its fifth straight profitable month and a strong start to the year. This brings 52,963 in its crosshairs, but fresh impetus may be required for further gains. On the other hand, a "sell the fact" reaction would not be surprising, given that the move was highly anticipated. Daily closes below the EMA200 (around 41,950) would pause the bullish momentum, but sustained weakness below the daily Ichimoku Cloud has a higher degree of difficulty.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 11 Jan 2024


Retrieved 11 Jan 2024


Retrieved 24 Jun 2024

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