- BNY Mellon’s investment in Bitcoin ETFs signals traditional finance’s increasing acceptance of cryptocurrency.
- US SEC approval of 11 spot Bitcoin ETFs sparked market growth, with Bitcoin hitting $73,737.
- Hong Kong’s approval of Bitcoin and Ethereum ETFs indicates a global trend toward integrating crypto into traditional finance.
BNY Mellon, the oldest and largest custodian bank in the United States, has announced its investments in Bitcoin ETFs, a major endorsement of cryptocurrency from a traditional financial institution. In a recent SEC filing, the bank disclosed its holdings in ETFs offered by BlackRock and Grayscale. This development reflects BNY Mellon’s strategic approach to integrating digital assets into its portfolio, recognizing the growing institutional interest in this emerging asset class.
Read CRYPTONEWSLAND on
google news
Global Momentum in Bitcoin ETFs
The approval of 11 spot Bitcoin ETFs by the US Securities and Exchange Commission in January marked a milestone, catalyzing a new all-time high for Bitcoin at $73,737 in March. This regulatory advancement has fulfilled a long-standing demand from American investors and intensified the global focus on similar financial products.
Additionally, Hong Kong has stepped into the spotlight with its recent approval of Bitcoin and Ethereum ETFs, setting the stage for these products to begin trading on April 30, 2024. These developments suggest a strengthening bridge between traditional finance and cryptocurrency markets, potentially paving the way for further escalations in market activity.
The anticipation surrounding the new ETFs in Hong Kong and the potential approval of a spot ETH ETF in the US could trigger another surge in market dynamics. Ethereum remains below its peak, but introducing an approved ETF could revitalize investor interest.
According to projections by CoinCodex, Bitcoin could reach as high as $85,195 by late May, representing a 32.6% increase from its current levels. This forecast underscores the bullish sentiment saturating the market, uplifted by recent approvals and expanded accessibility through trusted financial platforms like BNY Mellon.
Read Also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
