Optimism surrounding the approval of a spot Bitcoin ETF by the SEC is growing, leading to a surge in Bitcoin (BTC) and the broader crypto market. Over the past 24 hours, Bitcoin has seen a 3% increase and a nearly 11% increase over the past week, according to CoinGecko.
Numerous major institutions, including JP Morgan, have publicly expressed their expectation of near-term spot Bitcoin ETF approvals in the US. This sentiment is shared by the general public, as evidenced by the increasing interest in Bitcoin ETFs based on Google Trends data.
Recent developments have further fueled optimism for spot Bitcoin ETF approvals. Several institutions that filed applications have amended them, indicating constructive dialogue between the SEC and the applicants.
The SEC’s decision to miss the deadline to appeal a legal loss in a lawsuit against Grayscale, a digital asset manager, has also been interpreted as a positive sign. In late August, a judge ordered a review of the SEC’s rejection of Grayscale’s application to convert its Bitcoin Trust (GBTC) into an ETF. This decision suggests that the SEC may be inclined to approve spot Bitcoin ETFs in the coming months.
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Meanwhile, the SEC’s lawsuit against XRP issuer Ripple Labs suffered another setback, as the agency dropped charges against two key Ripple Labs executives. This development has boosted legal momentum in favor of Ripple Labs, leading to a 6.8% increase in XRP price in the past 24 hours.
Other cryptocurrencies have also experienced gains. Ether (ETH) saw a 3% increase, Solana (SOL) rose by 5.8%, Cardano (ADA) increased by 1%, and Dogecoin (DOGE) went up by 2.4%.
While these gains are notable, they are unlikely to match the exponential gains seen in highly illiquid shitcoin/meme coin markets. Traders seeking quick profits continue to turn to these markets.
DEXTools, a decentralized exchange tool, provides insights into the performance of various shitcoins/meme coins. For example, Coin Rig ($COINRIG) experienced a 500% increase on its first day, reaching a market cap of around $340,000. The Blow Project ($BLOX) surged by 150% in the past 24 hours, with a market cap of $3.2 million. Loong ($LOONG) also saw a 100% increase in the past 24 hours, reaching a market cap of approximately $800,000.
However, it is crucial to note that shitcoins carry significant risks and often lack a real value proposition. For investors seeking higher probabilities of near-term gains, participating in crypto presales could be an alternative high-risk, high-reward investment strategy. By buying tokens of upstart crypto projects during presales, investors can support their development while potentially benefiting from substantial gains. Cryptonews offers a list of 15 top crypto presales for those interested in exploring this strategy.
It’s important to acknowledge that crypto investments are a high-risk asset class, and this article is informational and does not constitute investment advice.
In conclusion, optimism surrounding the approval of a spot Bitcoin ETF by the SEC has led to positive market sentiment. Bitcoin and other cryptocurrencies have experienced notable gains, while the interest in shitcoins/meme coins persists for traders seeking quick profits. Additionally, participating in crypto presales presents an alternative investment strategy for those willing to take on higher risks. However, it is crucial to exercise caution and conduct thorough research when exploring these investment options.
