Spotted
After a multi-year wait — and a false start earlier this week — 11 asset managers had their Bitcoin exchange-traded fund (ETF) applications approved by the SEC on Wednesday, a milestone that makes it easier for everyday investors to delve into the world of crypto.
Since the SEC's choice not to appeal a court decision that found it was wrong to block a previous Bitcoin ETF application in October, the digital currency has rallied over 70%. However, Bitcoin was already having a stellar year even before the ETF approval almost became an inevitability, rising over 150% in 2023 as it continued its resurgence from industry setbacks the year before.
Bitcoin bounce
Many institutional investors were hesitant to embrace the digital asset during the crypto craze of 2021, fearing it was another bubble destined to burst, akin to the dot-com and housing booms. Bitcoin’s price trajectory over the past 5 years, though, currently looks more like a mountain range than the single-peaked pictures often painted by market bubbles.
Aside from some significant and high-profile faults, like the collapse of crypto-exchange FTX, Bitcoin's price fluctuations usually seem to be impacted by its cultural and social acceptance as a digital currency in the wider world. Whether it was the coin becoming legal tender in El Salvador, or crypto featuring in 4 adverts during one of 2022's most-watched TV broadcasts, Bitcoin's value tends to rise and rise when it edges closer to the mainstream.
