- Digital assets were given a new lease of life when the US SEC gave its surprising permission.
- The change was highlighted by Matthew McDermott, Goldman Sachs’ global head of crypto.
The recent approvals for the Spot Bitcoin ETF have been hailed by world-renowned financial firm Goldman Sachs as a “big psychological turning point.” With the approval’s effect in mind, the bank hailed January’s BTC investment offering as an “astonishing success.” The digital asset market has been greatly affected by this news, which has sparked enthusiasm among investors.
Digital assets were given a new lease of life when the US SEC gave its surprising permission. It took three months after the approval for Bitcoin to reach a new all-time high of $73,000. Many are now predicting that the market will continue to increase as a result of this momentum.
Piqued the Attention of Institutional Investors
Spot Bitcoin ETFs were introduced in the beginning of 2024, which caused a tremendous shift in the digital asset sector. The value of digital assets was impacted by this development, which piqued the attention of institutional investors. The market’s credibility and attractiveness have been enhanced by the endorsement of such a substantial financial offering.
This change was highlighted by Matthew McDermott, Goldman Sachs’ global head of crypto. At the Consensus Crypto Conference in Texas, McDermott boasted about the Bitcoin ETF’s phenomenal performance. The asset’s 60% rally since approval highlights the significance of the product. Additionally, McDermott was hopeful about the future, speculating that Ethereum may soon follow Bitcoin’s lead.
Regardless, institutional investors continue to show a consistent level of interest and trust in Bitcoin and Ethereum by making these two cryptocurrencies their top requests. New potential has emerged for the digital asset market in the US with the introduction of Bitcoin and Ethereum ETFs.
Highlighted Crypto News Today:
