Sunday evening invites you to look back on this special week for the crypto industry. Here's what you'll never forget: The popular Bitcoin (BTC) spot exchange-traded funds (ETF) made its debut on American stock exchanges this week. In this overview we list the most important developments of the past week.
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Fake news about Bitcoin ETFs
Many crypto investors started this important week with enormous confidence. The American one Securities and Exchange Commission In any case, (SEC) had to make a final decision on the joint Bitcoin ETF application from ARK Invest and 21Shares by Wednesday.
On Tuesday evening, the SEC announced a mass approval for Bitcoin ETFs via the social media platform X. The news caused BTC price to explode to a short-term high of $48,000, followed by a correction that took the price below $45,000. Then it was announced that the regulator's X account had apparently been hacked, spelling the end for the crypto party.
Approval of 11 Bitcoin ETFs
However, the streamers could still be hung a day later. Wednesday, January 10th will go down in history as the day the first-ever Bitcoin spot ETFs received the green light from the SEC, more than 10 years after the first attempt.
No fewer than eleven listed funds from giants such as BlackRock and Fidelity received approval to operate in the American market.
The Bitcoin creator must reveal themselves or they will break the law
ETF launch: billions in volume, but negativity prevails
The stock exchange funds officially went public on Thursday. The debut day ended with a combined trading volume of $4.6 billion. Although this seems like a disgusting start, a large portion appears to be coming from Grayscale Bitcoin Trust (GBTC) sellers.
Previously a regular trust fund, GBTC converted to a spot ETF this week. Investors' revenue drift is largely due to the relatively high compensation that Grayscale charges.
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Bitcoin price fell
Due to what many saw as a disappointing start, the Bitcoin price has fallen significantly. On Friday, the Bitcoin price suffered a severe slump: the price fell from around $46,000 to a low of around $41,400.
At the time of writing, BTC price is at $42,910, down 2.36 percent since the beginning of this week.
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