Bitcoin ETF Finally Gets Approved; ETF Fees Cut across the Board; X Removes NFT Functionality

Written by BTSE

January 11, 2024

Traders across Asia woke up to some huge news this morning – following months of anticipation, Bitcoin ETFs have received their first official approvals from the SEC, following fake approval messages not days earlier on Twitter. Despite being the star of this particular ETF, Bitcoin only saw a modest increase of about 1% in its price. Non-Bitcoin tokens, however, experienced double-digit gains. Ethereum led the surge with a 10% increase, aiming for the $2.6K mark. Similarly, Cardano and Avalanche each jumped by 12% – showing that the implications of this ETF approval reach far beyond Bitcoin. 

Bitcoin ETF Finally Approved by SEC: The SEC’s approval of several applications for spot Bitcoin ETFs marks a historic moment in the world of cryptocurrency. This decision, culminating over months of anticipation and debate, paves the way for mainstream investment in Bitcoin. However, the market reaction was surprisingly diverse, with altcoins like Ethereum, Cardano, and Avalanche outperforming Bitcoin in immediate price gains. Does this indicate a broader confidence in the crypto market beyond just Bitcoin – and what could be the next token to feel the effects of this approval?

Fee Cuts in Anticipation of Bitcoin ETF Approval: In a preemptive move ahead of the SEC’s approval of Bitcoin ETFs, investment giants BlackRock and ARK 21Shares, among others, have significantly reduced their ETF fees. These aggressive fee reductions signal  the intensity of the competition awaiting the launch of these ETFs, as each company vies for investor attention. Will these fee cuts make these ETFs even more attractive to traders, and would they heighten traditional investors’ interest in Bitcoin ETFs?

X Removes NFT Profile Picture Feature: Elon Musk’s X has quietly removed the option for paid subscribers to set NFTs as their profile pictures. This change, contrasting with the feature’s introduction under Twitter’s previous management, reflects a shift in focus for the platform. While the NFT market has seen some recovery recently, this move by X aligns with a broader trend that has seen social networks stepping back from NFT integrations. How will this decision impact the NFT community, and could crypto markets be affected as a result?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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