BTC - Why Bitcoin Ethereum and Dogecoin Are on the Move Higher Today
2024-01-11 14:39:47 ET
It's finally here. The long-awaited spot Bitcoin (CRYPTO: BTC) ETF has been approved by the Securities and Exchange Commission (SEC), with 11 spot exchange-traded products officially getting the nod from regulators, after years of denials and a very hawkish regulatory stance. Since the Winkelvoss twins first proposed a spot Bitcoin exchange-traded fund (ETF) in 2013, investors have effectively been waiting for more than a decade for this product to be launched.
Bitcoin briefly surged to nearly $49,000 per token following this announcement, the highest level it's seen in almost two years. Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) saw similar spikes this morning, but have since given up some of these gains. As of 1 p.m. ET, Bitcoin is currently trading flat (having seen a big boost in its valuation yesterday prior to this announcement), but Ethereum and Dogecoin are 6.2% and 7.7% higher over the past 24 hours.
Let's dive into what this approval means for Bitcoin and other top-tier cryptocurrencies right now.
For further details see:
Why Bitcoin, Ethereum, and Dogecoin Are on the Move Higher Today