Bitcoin and Other Cryptocurrencies Soar in 2023
Bitcoin, Ethereum, and other major cryptocurrencies have seen significant growth this year. Bitcoin's price has doubled from its late 2022 lows to over $30,000 per Bitcoin. This surge has added $300 billion to the combined market this year.
The world's largest asset manager, BlackRock, which manages around $10 trillion on behalf of clients, has triggered a flood of U.S. spot Bitcoin exchange-traded fund (ETF) applications. These applications combined boast $27 trillion in assets under management.
However, the U.S. Securities and Exchange Commission (SEC) could be set to reject the recent flood of spot Bitcoin ETF filings. According to sources cited by the Wall Street Journal, officials within the SEC believe the applications are not clear enough about how they'll manage a "surveillance-sharing agreement," which is designed to deter fraud and manipulation.
Despite this, Bitcoin's performance against the wider crypto market has strengthened, with no signs of reversal. Bitcoin's dominance has hit a new yearly high of 52%, and it looks stronger than altcoins on the charts. This outperformance is largely due to Bitcoin ETF news.
Bitcoin, Ethereum, and other major cryptocurrencies have seen significant growth this year. Bitcoin's price has doubled from its late 2022 lows to over $30,000 per Bitcoin. This surge has added $300 billion to the combined market this year.
The world's largest asset manager, BlackRock, which manages around $10 trillion on behalf of clients, has triggered a flood of U.S. spot Bitcoin exchange-traded fund (ETF) applications. These applications combined boast $27 trillion in assets under management.
However, the U.S. Securities and Exchange Commission (SEC) could be set to reject the recent flood of spot Bitcoin ETF filings. According to sources cited by the Wall Street Journal, officials within the SEC believe the applications are not clear enough about how they'll manage a "surveillance-sharing agreement," which is designed to deter fraud and manipulation.
Despite this, Bitcoin's performance against the wider crypto market has strengthened, with no signs of reversal. Bitcoin's dominance has hit a new yearly high of 52%, and it looks stronger than altcoins on the charts. This outperformance is largely due to Bitcoin ETF news.