The U.S. Securities and Exchange Commission (SEC) on Wednesday formally approved trading of the Spot Bitcoin Exchange Traded Fund (ETF), as expected. However, the price of Bitcoin itself has been unstable since then, but it is currently hovering around the level it was at when Bitcoin trading began. The news was a hit.
Bitcoin (BTC) is currently trading at $45,814, according to CoinGecko. When this news was leaked through the SEC's order to his website, the price was around $45,840 and was posted and then removed, but shortly after that the price rose to $46,263. But since then, it has largely, if not significantly, decreased.
Meanwhile, Ethereum (ETH) surpassed $2,500 on Wednesday afternoon for the first time since May 2022, continuing to rise while Bitcoin has gone up and down. Ethereum is currently trading at around $2,550, up about 11% over the past day.
In addition, the native token of the Ethereum scaling network also gained attention on Wednesday. Arbitrum (ARB) has risen 26% in the past 24 hours to its current price of $2.18, while Optimism (OP) has risen 11% today to $3.92. Following the approval of the Bitcoin ETF, Arbitrum set an all-time high on Wednesday afternoon.
Overall, the cryptocurrency market has risen by about 2% in the past 24 hours.
Editor's note: This article was updated with additional information after publication.
