BTC DUMPS AFTER ETF APPROVAL - WHAT'S GOING ON? (Eruptions Market Report 1-20-24)

On Jan. 10, the Securities and Exchange Commission (SEC) approved allowing 11 spot Bitcoin exchange-traded funds (ETFs) to trade on equity markets. The ETFs are expected to bring new investors into Bitcoin because there's a new way to access investment in the cryptocurrency.

Some of the largest asset managers and crypto firms took part in the offerings, making them even more appealing to investors.

All of this, combined with years of build-up and hype, resulted in $4.6 billion in volume across the 11 spot Bitcoin ETFs.

Read the full Eruptions Market Report here