Goldman Sachs’ Global Head of Crypto, Matthew McDermott, emphasized the transformative impact of the US SEC’s surprising approval on digital assets. The recent greenlight for Spot Bitcoin ETFs has been hailed by the renowned financial firm as a significant psychological shift. In light of this approval, the bank lauded the remarkable success of January’s BTC investment offering. As a result, the news has ignited investor enthusiasm and greatly influenced the digital asset market.
This permission from the US SEC breathed new life into digital assets, and it took three months for Bitcoin to reach a record-breaking high of $73,000. Many experts now predict that this momentum will continue to drive market growth.
The introduction of Spot Bitcoin ETFs at the beginning of 2024 caused a seismic shift in the digital asset sector. This development not only impacted the value of digital assets but also captured the attention of institutional investors. The endorsement of such a substantial financial offering has bolstered the market’s credibility and appeal.
Matthew McDermott, Goldman Sachs’ global head of crypto, highlighted this change during the Consensus Crypto Conference in Texas. He proudly discussed the phenomenal performance of the Bitcoin ETF, with a 60% rally since its approval, underscoring the product’s significance. McDermott also expressed optimism for Ethereum, speculating that it may soon follow Bitcoin’s lead.
Nevertheless, institutional investors continue to demonstrate unwavering interest and trust in Bitcoin and Ethereum, making these two cryptocurrencies their top requests. The introduction of Bitcoin and Ethereum ETFs has unlocked new potential for the digital asset market in the US.
Today’s highlighted crypto news: Solana (SOL) Price Faces Downward Pressure: Here’s Why.
