After the tweet approving the exchange-traded product of Bitcoin from the account of the American Securities and Exchange Commission (SEC) account, the global crypto market witnessed a significant upheaval. The price of Bitcoin surged to over $48,000. Although SEC Chairman Gary Gensler did not make any unofficial tweets regarding Bitcoin ETFs from his personal account, the market remained active globally. In India, the price of Bitcoin rose from approximately ₹24-25 lakh to ₹39 lakh within a day. However, the approval of Bitcoin ETFs may face delays this year as the SEC in the United States may grant approval to spot Bitcoin exchange-traded funds.
Unofficial Tweet Sparks Cryptocurrency Market Activity
There was no unofficial tweet regarding Bitcoin ETFs from the SEC or its employees. However, the clarity in its statement kept the cryptocurrency market active globally, including India. The value of Bitcoin in India surged to over ₹39 lakh in a day. There could be a delay in the approval process of Bitcoin ETFs. The SEC may grant approval to spot Bitcoin exchange-traded funds this year, as reported.
Asset Management Companies Seek Approval for Bitcoin ETFs
BlackRock, WisdomTree, Calkwalk Investments, Bitwise, Invesco, Fidelity, and Wisdom Tree are among the asset management companies that have applied for approval. This has accelerated the cryptocurrency market since the beginning of the year. There might be a delay in this process after the fake tweet.
Crypto Ban May Not be Global Effort: Das
Reserve Bank of India (RBI) Governor Shaktikanta Das stated that the RBI does not engage in copying cryptocurrency matters from other countries. He mentioned that a global effort may not be necessary if any other market is doing well. It is not essential for us to be good for any other market. Preparations to operate on the world stage are not required as it can pose significant risks.