BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES

In a major boost to cryptocurrency the the United State Securities and Exchange Commission (SEC) on 01.10.2024 approved the first United States-listed Exchange Traded Funds (ETFs) to track bitcoin. This is very interesting development and it will pave the way for more Americans to buy cryptocurrency. So, in this article we will discuss this development and other issues related to cryptocurrency in the United States.

Bitcoin is on the rise in the United States

According to some reports, Bitcoin gained more than 150% in the year 2023 and is likely to gain further in the days to come. The currency got a big boost after the recent approval by U.S. Securities Regulator. The said development will not only have its positive impact in the digital market of the United States but also in many other countries, where cryptocurrency is legal.

The impact of ETFs approval on CRYPTOCURRENCY

Many cryptocurrency analysts are predicting that the approval of Exchange Traded Funds (ETFs) will have several positive impacts as it will increase accessibility for investors, enhance liquidity in the Bitcoin market and potentially contribute to price stability. It is added here that the U.S. government in the recent past seemed wary of Bitcoin, main due to currency’s alleged role in criminal activities, money laundering and fraud. However, the recent approval might signal a growing acceptance of cryptocurrencies, fostering broader adoption and legitimizing the asset class.  

It is added that investors in the United States were waiting for this development for months and this month’s approval by U.S. Securities Regulator made them so happy and they are excited to invest in the crypto market. Moreover, the recent surge in the Bitcoin prices in the country clearly shows that the big investors are turning towards the cryptocurrency.   

Moreover, with the approval of ETF by U.S. Securities Regulator, financial entities like RAs and others that previously were not able to guide/recommend Bitcoin to their clients, get the ability to do that with the ETFs approval. This will not only boost the cryptocurrency business in the United States but also in the world in coming months.

The easiest way to buy cryptocurrency

Though in the recent years, people bought and sold bitcoin and other cryptocurrencies through different sites like Coinbase, however, many people still do not know how to buy it. The best to buy bitcoin and other currencies is through Exchange Traded Funds (ETFs). As ETFs are regulated by SEC, so the recent approval will have a significant impact on the currency, which is likely to see further boost and could surge to more than $100,000 in the current year.

It is pertinent to mention here that investors were anticipating ETF for almost 10 years and now they are so excited to invest in the cryptocurrency market as the uncertainty around the digital currency is almost over.

Grayscale’s legal action against U.S. SEC

It is pertinent to mention here that in August, 2023 Grayscale (an American digital currency asset management company) took legal action against the U.S. Securities and Exchange Commission (SEC), over its rejection of Grayscale’s proposed bitcoin ETF. The Grayscale argued in the District of Columbia Court of Appeals that since the SEC approved surveillance agreements for preventing fraud in bitcoin futures-based ETFs, the same rules should apply to Grayscale’s spot ETF, as both spot and futures funds depend on the bitcoin’s price. According to some cryptocurrency analysts in the United States are of the view that said lawsuit by Grayscale against SEC played a major role in EFT approval, paving the way for American to invest more and free in the digital market.

Though some other analysts welcomed the approval of ETFs by SEC, they however, say that there will be no immediate impact on the digital market and it will take some more time to fully gain the momentum. But, according to them, the bad time for the cryptocurrency is over and in next few years the digital currency specifically Bitcoin will see increased adoption.       

Bitcoin vs Ethereum – which one is better?

Both Bitcoin and Ethereum have seen a remarkable surge in their value after ETF approval by SEC and many investors believe that both currencies have potential to perform well in 2024 and years to come. However, many analysts believe that Bitcoin is likely to dominate in 2024 and it will cross $100,000 mark. But, according to them, though Bitcoin is better to buy than Ethereum, but still the later will also likely to do well in 2024.

What makes cryptocurrency better than cash?

When it comes to cryptocurrency, it is much better than cash because it offers advantages over cash in terms of decentralization, borderless transactions and potential for security. It is added here that cryptocurrency is like high-tech money, which can be sent anywhere within seconds and everyone can see transactions. However, both cryptocurrency and cash have their own set of pros and cons and the choice depends on individual preferences.

Top 10 cryptocurrencies in the United States

As of 2024 the following 10 are top cryptocurrencies in the United States:

• Bitcoin (BTC) was launched in 2009 and its price as of 01.16.2024 is $43,131.00.
• Ethereum (ETM) was launched in 2015 and its price as of 01.16.2024 is $2,566.71.
• Binance Coin (BNB) was launched in 2017 and its price as of 01.16.2024 is $0.9999.
• Solana (SOL) was launched in 2020 and its price as of 01.16.2024 is $96.79
• XRP (XRP) was launched in 2012 and its price as of 01.16.2024 is $0.58.
• Cardano (ADA) was launched in 2017 and its price as of 01.16.2024 is $0.54.
• Avalanche (AVAX) was launched in 2020 and its price as of 01.16.2024 is $35.84.
• Dogecoin (DOGE) was created in 2023 and its price as of 01.16.2024 is $0.081.
• TRON (TRX) was launched in 2017 and its price as of 01.16.2024 is $0.11.
• Polkadot (DOT) was launched in 2020 and its price as of 01.16.2024 is $7.524222.

Conclusion

If you are looking to invest in the crypto market in the United States or any other part of the world, this is high time to invest. The recent approval of United States-listed Exchange Traded Funds (ETFs) to track bitcoin is really a big news. As Bitcoin ETFs are like investment funds that follow the value of Bitcoin and are traded on regular stock exchanges, not crypto ones. So, people can invest Bitcoin without dealing with crypto exchanges and also get some potential boost from its price movements.

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