The market is all green after the SEC announced approval of a series of Bitcoin ETF spot funds

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After more than a decade of hesitation, the SEC has finally approved a Bitcoin ETF spot. In particular, the SEC’s green light for these funds also signals a new era for cryptocurrencies in mainstream finance.

All 11 ETFs have been approved

On the morning of January 11, the SEC officially approved 11 Bitcoin ETF spot funds from Wall Street giants. Specifically, the list of approved companies includes Ark Invest, BlackRock, Bitwise, VanEck, WisdomTree, Invesco & Galaxy, Fidelity and Valkyrie.

It can be seen that the Commission’s approval is an important step forward for financial instruments, especially in realizing the potential of Bitcoin-based exchange-traded products (ETPs).

However, SEC Chairman Gary Gensler stated in an official announcement that although the Bitcoin ETF spot has been approved, the Commission remains neutral and does not directly support this cryptocurrency.

Importantly, he said, Bitcoin is accepted as the only cryptoasset used to create the ETF. Still, many other cryptocurrencies are still considered securities by the SEC.

Recently, Gary Gensler of the U.S. Securities and Exchange Commission (SEC) shared a number of messages warning investors about investing in the cryptocurrency space. Specifically, the U.S. Securities Commission (SEC) previously issued a detailed report on the X platform, warning investors to say no to “FOMO” in the “digital asset” market. FOMO (abbreviation of 4 English words “Fear of Missing Out”) means fear of missing out.

In its report, the SEC advised investors to exercise caution before participating in the cryptocurrency market. The SEC said digital assets are currently “complex” and fraught with problems, which could harm investors who don’t do their research carefully.

The entire market reacted positively

After hitting a local bottom near $44,300, Bitcoin has moved closer to the $47,000 area. However, after the news of the SEC’s approval of ETF funds came out, the “selling the truth” incident emerged.

The sell-off quickly sent Bitcoin up nearly $2,000 and back below $45,000 before rebounding strongly over the next few hours to reach a local peak of $47,695 on the day.

Resale pressure ensued and the price is now back around $46,500.

Contrary to Bitcoin’s unpredictable volatility, all altcoins are filled with green.

On the morning of January 11, after the spot Bitcoin ETF was approved, the entire crypto market was in an uproar.

Leading the market are Ethereum Classic (ETC) and Arbitrum (ARB), with growth of more than 20%.

Many other projects in the top 100 also achieved profits of over 10%, such as Mantle (MNT), Rocket Pool (RPL), Blur (BLUR), Synthetix (SNX), Beam (BEAM), Aave (AAVE), Polygon (MATIC) ), Arweave (AR), Polkadot (DOT), Fantom (FTM), The Graph (GRT), Avalanche (AVAX), IOTA (IOTA), Cardano (ADA), Immutable (IMX), Mina (MINA) , Klaytn (KLAY), Sei (SEI), NEAR Protocol (NEAR), Astar (ASTR), Uniswap (UNI)…

Ethereum (ETH) is having a great day. The market’s second-largest asset by market capitalization has reached $2,643, its highest level since June 2022. ETH has gained more than 10% in the past 24 hours and is currently trading around $2,588 as positive news floods the space.

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