SEC has approved Bitcoin ETFs leading to a market improvement

The US Security Exchange Commission has shocked the cryptographic market by giving them a pleasant surprise. The US SEC has approved two applications related to the Bitcoin-powered listed funds (ETFs). Bitcoin lovers in the US have to be very excited about the news, and they reflect their happiness by increasing the market up.

Bitwise will launch Bitcoin exchange-traded funds next month at the beginning along with an investment management company called VanEck. The decision of this case was under consideration by the SEC for over six months; Bitcoin lovers kept an eye on the decision while making their trade and investment flows. The SEC continued to postpone the date to give the final judgment on the application sent in connection with the Bitcoin ETF. The delay occurred over three times. Last Friday was the date of the end result, but even it was postponed.

But since the news is out and the result has been for the market market, the market has also reacted positively to the news in a positive way. Since the announcement from the SEC, the total market value has increased by $ 1[ads1]3.8 billion, and the price of Bitcoin / Unit has risen from around $ 4080 to over $ 6,000.

Before the final announcement of midnight on April 1, the US SEC concluded a crisis meeting where members and participants in the meeting reassessed the decision based on the public dismay that was recently exposed to a delayed SEC decision.

According to the news report, SEC chairman Jay Clayton called members of the Commission and told them to give the final decision once without much delay. But many consider this decision irrational. A MIT Professor has said,

I think Clayton attempted to counter the narrative that the US government is unable to act without shutting down and other nuances of political chaos.

He also said

But this type of rash action can send the message that the SEC may not act with as much care as it should train.

VanEck filed its recent application at BTC ETF to SEC in January. Bitwise, on the other hand, filed the application in February with an assurance from the SEC that it would take only 45 days to settle the application.

Whatever has been the process and whatever ups and downs the applications have seen, the cryptocurrency community has responded to this pleasing news of approval positively; Although some experts call this decision irrationally, the current market is not. Some crypto-lovers even say that this decision can act as a catalyst and cure the bear market that has colored the market for months.