Bitcoin Recently Hit $49,000 Following Spot BTC ETF Approval And US Trading Start

Bitcoin is the star of the moment in the crypto space, that’s for sure. This happened following the spot BTC ETF approval and the start of trading in the US. Check out the latest reports about the king coin below.

At the moment of writing this article, Bitcoin is trading in the red, and the king coin is priced at $45,745.

Bitcoin (BTC) has experienced a surge in value after the U.S. Securities and Exchange Commission (SEC) approved multiple applications to create BTC exchange-traded funds (ETFs) for the spot market.

This long-awaited decision by the regulatory agency allowed several well-known firms like BlackRock (IBIT), Fidelity (FBTC), Invesco (BTCO), ARK Invest (ARKB), Franklin Templeton (EZBC), and VanEck (HODL) to receive approval.

As a result, the price of Bitcoin briefly reached a 21-month high of $49,054 before dropping down to $46,300 where it is currently trading, marking a 1.8% increase in the last 24 hours.

In a recent statement, SEC Chair Gary Gensler clarified that while the agency approved spot market Bitcoin ETFs, it should not be interpreted as a sign that the SEC is ready to authorize similar products for other digital assets.

“Importantly, today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.

Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws.

As I’ve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.”

The SEC has made a recent decision regarding a lawsuit that it lost against Grayscale, a crypto asset manager.

The judge in the case ruled that the SEC must reconsider Grayscale’s application to create a BTC ETF, as the SEC had previously approved futures BTC ETFs. This is to ensure consistency and avoid arbitrariness.