Bitcoin
You Can’t Dispute Bitcoin’s Success
Martin expressed optimism regarding Bitcoin ETFs, highlighting their potential and the capabilities they have already brought to Wall Street
Lynn Martin, president of the New York Stock Exchange Group, expressed this optimism at Consensus 2024 when asked about the launch of Bitcoin (Bitcoin) ETFs and the potential they have for Wall Street. She cited the resources they have already brought to the market.
“We have been talking to the SEC for over six years about Bitcoin ETFs,” Martin said in a statement. interview. “I don’t think you can dispute the success of Bitcoin ETFs and the liquidity they have brought to the underlying market.”
Financial executives are increasingly interested in crypto, whether directly or through ETFs, which led to price increases in the crypto market. The approval of the spot Bitcoin ETF in January piqued the interest of traditional investors by bringing a lot of liquidity to the market, Martin said.
Crypto hug from Washington and Wall Street
There have been strong price movements recently in the cryptocurrency markets and on Wall Street, and much of this can be credited to strong inflows into US-listed ETFs. Crypto market cap has surpassed $1 trillion since Bitcoin ETFs were approved.
A Spot crypto ETF directly reflects the price of a specific cryptocurrency and strategically allocates portfolio funds to that cryptocurrency. These funds are actively traded on public exchanges and reflect the performance of a specific cryptocurrency. Like other funds, crypto ETFs are readily available on standard exchanges and investors can hold them in their brokerage accounts.
A dot Ethereum ETF was recently approved, providing investors with a regulated and affordable way to gain exposure to Ethereum. Other Spot Crypto ETFs could follow.
Martin’s comments come at a time of crypto optimism in the US government. Last week, the U.S. House of Representatives past the FIT21 account. The bill clarifies how the SEC classifies cryptography, creating a “digital commodity” term for digital assets.
The bill aims to eradicate fraud, regulate crypto exchanges, and protect consumers while creating a stable environment for crypto – it essentially communicates that crypto is now a government issue.
Recently, Donald Trump began to accept campaign donations in crypto, signaling greater adoption of the industry by politicians.