The cryptocurrency market has once again experienced significant fluctuations. The latest market trend shows that the price of Bitcoin (BTC) has briefly and strongly broken through the $108,000 mark. However, the price has since pulled back. As of now, the quoted price of Bitcoin is $107,908.47, with an increase of 2.05% within 24 hours. Given that the cryptocurrency market has always been highly volatile, investors need to be cautious and take effective risk control measures.
Recently, the activity in the cryptocurrency market is related to many factors. Among them, the move of Trump Media Technology Group to enter the field of crypto ETFs has attracted much attention. The social media company closely associated with former US President Trump filed with the US Securities and Exchange Commission (SEC) on Monday local time, planning to launch an ETF fund investing in Bitcoin and Ethereum. This is already the second cryptocurrency ETF application submitted by the company in less than two weeks. Once approved, the “Truth Social Bitcoin ETF” and the “Truth Social Bitcoin & Ethereum ETF” will enter a highly competitive market. At present, this market is dominated by well-known asset management giants such as BlackRock. For instance, the iShares Bitcoin ETF under BlackRock has managed assets worth as much as 72.5 billion US dollars and holds a significant position in the market.
The cryptocurrency layout of Trump Media Technology Group may be related to the rising prices of cryptocurrencies such as Bitcoin. Since Trump expressed his support for the cryptocurrency industry during his campaign and planned to nominate digital asset advocate Paul Atkins as the chairperson of the US Securities and Exchange Commission, investor confidence in the cryptocurrency market has soared, and the price of Bitcoin has been on the rise. This time, Bitcoin’s breakthrough of $108,000 has once again drawn widespread attention from the market to the future trend of cryptocurrencies and related investment products. Investors and industry experts are closely watching the SEC’s approval result of Trump Media Technology Group’s ETF application, which may have a significant impact on the competitive landscape of the cryptocurrency ETF market.
Related Topics:
- The chairperson of the US SEC: An “Innovation exemption” policy is being formulated for DeFi platforms
- Trump authorized the US delegation to show flexibility in some export controls during economic and trade negotiations
- The core developers of Bitcoin plan to implement the major change OP_RETURN in October
