ISLAMABAD
The cryptocurrency market remained mixed on Monday as the US Securities and Exchange Commission’s (SEC) is likely to approve the spot exchange-traded funds (ETFs) of Bitcoin this week, with the market capitalization gaining 0.7 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 $45,000 with a gain of 2 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $881.7 billion with this increase. Bitcoin has been 5.3 percent up in the past seven days.
Multiple applicants for a spot Bitcoin exchange-traded fund (ETF) rushed to file their final Form S-1 amendments to the US SEC on Monday. Asset manager Valkyrie was among the first companies to file its final S-1 amendment before January 10, the widely expected date that the first spot Bitcoin ETFs to be approved in the United States. Valkyrie was followed by WisdomTree, BlackRock, VanEck, Invesco and Galaxy, Grayscale, ARK Invest and 21Shares and Fidelity.
The new filings open a potentially historic week for Bitcoin as the hopeful issuers were expected to finalise their Form S-1 amendments by Monday. The S-1 amendments include information about fees or identities of the market makers for the potential ETFs. Some of the filers have significantly cut fees for trading their potential spot Bitcoin ETF products.
On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, surged by 1.1 percent to reach $2,264. With this increase in price, the market capitalization of ETH has reached $271.4 billion. ETH has shed 1.8 percent of its value during the last seven days.
However, Binance Coin (BNB) price declined by 1.7 percent to reach $301. The market capitalization of BNB has reached $46.3 billion with this decrease. BNB has shed 2.8 percent of its value during the last seven days.
Similarly, Solana price decreased by 1.3 percent to reach $94. With this decrease in price, its market capitalization has reached $40.4 billion. SOL has shed 10.2 percent of its value during the last seven days.
Following suit, the price of Ripple (XRP) inched down by 0.1 percent to reach $0.566. The market capitalization of XRP stands at $30.7 billion with this decrease. XRP has shed 8.7 percent of its value during the last seven days.
