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Highlights
- Goldman Sachs calls recent Spot Bitcoin ETF approvals a "big psychological turning point."
- The SEC's approval marked a significant shift in the perception of digital assets.
- Bitcoin soared to an all-time high of $73,000 within three months of the approval.
Goldman Sachs, one of the world’s leading investment banks, has described the recent Spot Bitcoin ETF approvals as a “big psychological turning point.” The bank highlighted the impact of the approval, calling the BTC investment offering in January an “astonishing success.” This news has stirred excitement among investors and significantly influenced the digital asset market.
Goldman Sachs Praises Bitcoin ETF Success
The US Securities and Exchange Commission (SEC) ‘s approval surprised many and marked a significant shift in the perception of digital assets. In the three months following the approval, Bitcoin soared to an all-time high of $73,000. This rise has led many to predict further gains for the market.
At the start of 2024, the digital asset industry underwent a massive transformation with the introduction of Spot Bitcoin ETFs. This development affected digital asset values and attracted substantial interest in institutional investment. The endorsement of such a significant financial product has validated the market’s legitimacy and broadened its appeal.
Goldman Sachs has now echoed this sentiment. Matthew McDermott, the global head of crypto at Goldman Sachs, emphasized the importance of this development. McDermott stated at the Consensus Crypto Conference in Texas,
“The Bitcoin ETF has been an astonishing success.”
Since the approval, the asset has rallied over 60%, underscoring the product’s impact.
McDermott also expressed optimism for the future, suggesting that Ethereum might soon follow Bitcoin’s path.
“This is a natural progression that Ethereum will hopefully be approved to be a fully tradable ETF,” he noted.
Despite this, Bitcoin and Ethereum remain the most requested cryptocurrencies among institutional investors, indicating sustained interest and confidence in these digital assets.
Bitcoin and Ethereum Show Strong Market Growth
The approval of Bitcoin and Ethereum ETFs has opened new opportunities for the digital asset market within the US. As a result, the potential approval of a spot Ethereum ETF is expected to boost market dynamics further. Over the past month, Ethereum has surged by more than 26.11%, while Bitcoin has increased by 12.84%, showcasing the market’s positive trajectory.
Bitcoin is trading in a bullish trend, up by 1.15%. In contrast, Ethereum has seen a slight price drop of 0.47%, with its current value at $3,761. Despite the minor fluctuation, the overall sentiment remains optimistic, with investors anticipating further gains.
Also Read: Bitcoin (BTC) Rebound Likely As MVRV Ratio Shows Ongoing Accumulation Phase
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