BTC

Wood thinks Bitcoin holds the potential to attain a valuation of $1 million per unit at some point in the future, albeit not in the immediate term.

The introduction of spot Bitcoin ETFs marks a significant milestone, yet many questions and challenges lie ahead for the cryptocurrency ecosystem.

The altcoin landscape is currently grappling with a sea of red, as most charts are dominated by bearish sentiment.

BlackRock's IBIT made a rare feat in the history of exchange-traded funds when it reached more than $1 billion in inflows within its first four days of trading.

The wallet address associated with Tether occupies the 11th position within the esteemed Top 100 Bitcoin Holders list, laying claim to an impressive 0.3% stake in the prevailing circulating supply of the world's largest cryptocurrency by market capitalization.

While Dimon acknowledged that "blockchain is real" and that "it is a technology" and confirmed that "There's a cryptocurrency which might actually do something," he referred to Bitcoin as the cryptocurrency "which does nothing."

All other spot Bitcoin ETFs have seen about $1.9 billion in net inflows, excluding GBTC.

ARK Invest executed a strategic reallocation of its assets on Tuesday, divesting some of its holdings in ProShares Bitcoin Strategy ETF (BITO).

If this trading volume continues, it's just a matter of time before BlackRock's IBIT snatches the "Liquidity King" title from Grayscale's GBTC.

According to a research analyst, "The price action of BTC, coupled with volume data and the performance of certain altcoins, demonstrates the adherence to the typical 'buy the rumor, sell the news' pattern associated with major market events."

While opinions vary on the impact of Bitcoin ETFs on MicroStrategy's investment approach, Saylor views their approval as a major financial development, potentially the most significant one on Wall Street in the last 30 years.

Despite the potential benefits, spot Bitcoin ETFs could trigger oversaturation and dilution of investments among too many funds.

An analyst predicted that if this trend continues, the market could experience "an extreme supply crunch" in Bitcoin.

While over a dozen financial firms started offering Bitcoin ETFs on Thursday, with BlackRock, Grayscale and Fidelity emerging on top – registering around $4.5 billion in cumulative trading volumes, the crypto investment vehicle is not available for purchase in one of the biggest fund issuers in the world, Vanguard.

Bitcoin ETFs from financial giants BlackRock, Fidelity, and Grayscale have collectively soared past the $1 billion threshold in trading volumes within the first 30 minutes of market opening.

Musk, initially skeptical, is now reconsidering the use of Bitcoin as a potential currency for Mars colonization, contemplating its feasibility and the challenges of transaction times in space.

Driven by the U.S. Securities and Exchange Commission's historic nod to the first Bitcoin ETF and the commencement of fund trading on U.S. exchanges, Bitcoin's value has catapulted to unprecedented heights.

But, along with the SEC's approval is Gensler's statement outrightly distancing himself from Bitcoin and the broader cryptocurrency industry, which did not fall right on the ears of high-profile individuals in the industry, particularly of ARK Invest's Wood.

Bitcoin saw a significant spike in its value Wednesday following the approval of Bitcoin ETF in the country, although it was nowhere near its all-time high price of $69,000 in November 2021.

Bitcoin's market cap fell from $938.43 billion to $890.16 billion within hours after a fake tweet circulated online, coinciding with the SEC's disclosure of a compromised official X account.

The fee war in the Bitcoin ETF is expected since the SEC is anticipated to approve multiple applications simultaneously and issuer will offer the best fee to get the market share.

The compromise was not due to any breach in the social media platform's systems "but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party."

Executives from leading firms suggested a potential approval announcement Wednesday, indicating that trading might start as soon as Thursday.

The SEC has been silent on the proposals but recently began issuing updates on spot Bitcoin ETF filings, amending eight 19b-4 forms detailing rule changes.

Bitcoin started the week strong, trading above $46,000 and later surpassing $47,000, marking a more than 6% increase from its Sunday closing price.

The SEC on Monday started publishing notices of filing updates related to spot Bitcoin ETFs, including amendments to eight 19b-4 filings detailing proposed rule changes.

While it usually takes days for the agency to provide comments or feedback on the documents, the SEC evaluated the paperwork immediately and provided its feedback within hours Monday.

Bitcoin (BTC) surged by almost 7%, reaching above $47,000 on Monday afternoon. This increase coincided with the submission of final S-1 forms to the SEC by hopeful Bitcoin ETF issuers such as BlackRock, Fidelity and Grayscale.

Bitcoin showed signs of recovery this week by surpassing the $45,000 mark for the first time in 21 months. However, it later retreated and stabilized between the $43,000 and $44,000 price range.