Ethereum Classic ETC/USD is trading lower by 5% to $20.39 Friday afternoon, pulling back following recent strength. Cryptocurrency market volatility, including in Ethereum Classic, is tied to rising optimism about the SEC potentially approving a Bitcoin ETF.
Financial firms are adjusting their applications, and Bloomberg suggests a 90% chance of approval by January 10, 2024, even if not this month.
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Why This Matters To Ethereum Classic
Cryptocurrency markets are sensitive to regulatory changes, particularly the SEC's decision on a Bitcoin ETF. Any signals, delays or decisions regarding approval can result in significant price fluctuations.
The introduction of a Bitcoin ETF can facilitate institutional investor entry, boosting liquidity and market depth.
Larger capital flows may amplify the impact of even small trades, causing notable price swings.
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Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about Bitcoin prices breaching all new thresholds. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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