CRYPTO

'Sell the news' hit bitcoin after all following the much-anticipated launch of a spot ETF yesterday after the SEC's begrudging approval on Wednesday.

'Day One' was incredibly impressive as the freshly minted ETFs managed to clear $4.5BN worth of volume.

But, this morning's renewed selling pressure has Bitcoin down almost $6,000 from its post-ETF approval highs (hit right before the cash ETF trading started yesterday)…

Source: Bloomberg

Some have argued this is South Korean traders – who have been among the most aggressive buyers over the past two months – taking some profits.

As Bloomberg noted in December, the won was exchanged for Bitcoin in 42.8% of fiat trading activity in the largest cryptocurrency in November, (more…)

As the dust settles on the SEC's begrudging approval of spot bitcoin ETFs – and trading begins – the shitshow behind the scenes is becoming clearer.

While Chair Gensler voted to approve the ETFs, he offered a personal statement worthy of the best cover-your-ass comment, warning that his decision in no way 'approves bitcoin' itself and that it's a very scary place for investors full of terrorists, money-launderers, and drug-traffickers.

Was Gensler genuflecting to Liz (more…)

Following yesterday's false start, it appears the SEC has now officially (well almost) approved a spot Bitcoin ETF. The SEC dropped the following at this link…

Then pulled the link.

As Bloomberg's James Seyffart noted, "It certainly looks like the #Bitcoin ETF Approval order had hit the SEC website."

“I am happy to confirm that the Grayscale team has received necessary regulatory approvals to uplist GBTC to NYSE Arca, and we will share a press (more…)