The SEC eventually gave in and approved 11 ETF applications at once. Tron founder Justin Sun announced his predictions for the future of the market following the Bitcoin ETF approval. On the other hand, FSC officials closed the doors of the South Korean crypto arena to Bitcoin ETF.
Tron inventor: This trend cannot be stopped!
cryptokoin.comAs you follow from , the US Securities and Exchange Commission (SEC) has finally approved spot Bitcoin ETF applications. This news sparked optimism among crypto analysts and market leaders. Tron founder Justin Sun also expressed his views on the subject. Sun stated that the approval of the Bitcoin ETF in the US shows that the trend of cryptocurrencies is unstoppable. Moreover, Sun suggested that Asian and Chinese markets will also embrace this lucrative opportunity in the near future. Thus, he claimed that Bitcoin will eventually reach eight billion people of the world.
Following the long-awaited confirmation, Bitcoin price increased by 4.7% in the last 24 hours. However, market watchers are predicting a potential rally for Bitcoin. Therefore, they remain bullish on BTC in the future. For example, analyst Michaël Vande Poppe talks about $300,000 to $600,000 in Bitcoin’s current market cycle.
Why is South Korea against Bitcoin ETF products?
South Korea’s Financial Services Commission (FSC) has taken a firm stance on the Crypto ETF ban despite the approval of spot Bitcoin ETFs in the US. FSC officials stated that developments in the US were not significant in their regulatory environment. They also emphasized that the US ETF approval would not change anything in South Korean crypto regulations.
South Korea’s FSC expressed ongoing concerns about illegal fund outflows, money laundering and potential speculative losses. Officials said these factors contributed to the failure to ease the December 2017 decision banning financial institutions from investing in crypto. This will indeed prevent the emergence of Bitcoin ETF products in the country. An FSC official noted that even the SEC ‘reluctantly’ approved Spot BTC ETF applications.
Bitcoin ETF race continues at full speed!
Nearly a dozen companies, including financial giants BlackRock, Grayscale and Fidelity, were vying to launch spot Bitcoin ETFs. Following approval, these companies announced to investors the fees they planned to charge, and in some cases, adjusted them. This development underscores the competitive environment emerging as companies struggle to attract investors.
The approved spot ETFs are different from the previously permitted Bitcoin futures ETFs. It should be noted that this situation is important. Because while the first holds real Bitcoin, the second contains derivative contracts linked to BTC. The US SEC’s approval marks a milestone in a journey that has seen years of delays and outright rejection of numerous attempts to launch spot Bitcoin ETFs. As the world of cryptocurrencies evolves with the United States taking this groundbreaking step, industry participants are watching future developments, especially in the Asian and Chinese markets, reiterating Justin Sun’s prediction that cryptocurrencies will be adopted globally. The green light for spot BTC ETFs opens up new possibilities for market growth and adoption. Thus, bringing Bitcoin to an even wider audience worldwide.
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