Bitcoin rises to $43,927 on expected SEC approval for ETF

Author: Agencies

The cryptocurrency market turned positive on Friday following Thursday’s news that the US Securities and Exchange Commission (SEC) was offering final comments to issuers, possibly paving the way for Bitcoin spot exchange-traded fund (ETF) approval, with the market capitalization gaining 1 percent to reach $1.74 trillion.

As of 1300 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, surged to $43,927 with a gain of 1.2 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $860.6 billion with this increase. Bitcoin has been 2.4 percent up in the past seven days. Bitcoin briefly breached the $44,000 level following Thursday’s news that the SEC was offering final comments to issuers, possibly paving the way for Bitcoin spot ETF approval. This recovery erased Wednesday’s crash, reinstating optimism in the market. Earlier, Bitcoin saw a decline after surpassing the $45,000 mark on Thursday.

Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, inched up by 0.2 percent to reach $2,245. With this increase in price, the market capitalization of ETH has reached $269.8 billion. ETH has shed 5.3 percent of its value during the last seven days.

Share
Leave a Comment

Recent Posts

  • Op-Ed

Brink of Catastrophe

The world today teeters on the edge of catastrophe, consumed by a series of interconnected…

7 hours ago
  • Uncategorized

Commitment of the Pak Army

Recent terrorist attacks in the country indicate that these ruthless elements have not been completely…

7 hours ago
  • Op-Ed

Transforming Population into Economic Growth Drivers

One of Pakistan's most pressing challenges is its rapidly growing population, with an alarming average…

7 hours ago
  • Uncategorized

Challenges Meet Chances

Pakistan's economy is rewriting its story. From turbulent times to promising horizons, the country is…

7 hours ago
  • Editorial

Smogged Cities

After a four-day respite, Lahore, alongside other cities in Punjab, faces again the comeback of…

7 hours ago
  • Editorial

Harm or Harness?

The Australian government's proposal to ban social media for citizens under 16 has its merits…

7 hours ago