The day all crypto fans have been waiting for has finally come, but what does it mean for the price of Bitcoin?
On Wednesday, January 10, 2023 the SEC official approved the applications of eleven firms, paving the way for them to begin offering their own Bitcoin ETFs to the public. The approved companies includes ARK Invest & 21Shares, Bitwise, Fidelity, Franklin, Grayscale, Hashdex, Invesco & Galaxy, BlackRock, Valkyrie, VanEck, and WisdomTree.
The price of Bitcoin rallied after the news, but just like with stocks most investors sold the news, causing the price of Bitcoin to pull back in trading on Thursday.
Long term, some analysts have price targets on Bitcoin in the range of $100,000-$500,000 by the end of 2024, and some even aiming as high as $1 million dollars. That said, those same analysts have been wrong before. Need I remind you of the recent Crypto Winter?
As always, DYOR (do your own research).
SEC approves rule changes that pave the way for bitcoin ETFs