Bitcoin Price Surges as New Developments Unfold in the Crypto Market
Main Idea
Bitcoin's price surges amid significant developments in the crypto market, including a massive Bitcoin purchase by a company and SEC approval for in-kind ETF payments.
Key Points
1. Bitcoin price is hovering around $117,800, with significant market activity.
2. A company completed a public offering, generating $2.521 billion to purchase 21,021 BTC at an average cost of $117,256.
3. SEC approved in-kind payments for BTC and ETH ETFs, allowing redemption in BTC currency, which reduces costs and aligns with other commodity ETPs.
4. Bloomberg ETF analyst James Seyffart noted that in-kind issuance/redemptions are approved for spot Bitcoin and Ethereum ETFs, with altcoin ETFs likely to follow.
5. Miners sent $2 billion worth of BTC to Binance, raising questions about profit realization or market shifts.
Description
Bitcoin's price hits $117,800 following recent major developments. Strategy purchases 21,021 BTC with $2.521 billion in cash. Continue Reading: Bitcoin Price Surges as New Developments Unfold in the Crypto Market The post Bitcoin Price Surges as New Developments Unfold in the Crypto Market appeared first on COINTURK NEWS .
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