Bitcoin Fees Increase on BTC ETF Boost
The prospect that a Bitcoin (BTC) exchange-traded fund (ETF) will soon be approved in the United States has increased interest in the major cryptocurrency, leading to a rise in transaction fees.
According to CryptoFees statistics, the Bitcoin blockchain's payouts on November 16 reached $11.6 million. At the time of writing, YCharts data shows the average transaction fee is $18.69, up 113% from the previous day and up 746% from a year ago.
According to Cointelegraph market analysis, Bitcoin remains near 18-month highs and above a bear market trading range. At the time of writing, the cryptocurrency is trading at $36,407, a gain of 0.58% in the last 24 hours.
Bitcoin prices have been rising since Wall Street investment manager BlackRock filed a spot BTC ETF with the Securities and Exchange Commission in June. After BlackRock's application, several other major asset managers in the United States submitted similar proposals, including Fidelity, ARK Invest, and WisdomTree, among others.
#Bitcoin officially replaces ETH for first daily payment in 3 years. pic.twitter.com/2G3t6j64TP
— ₿ Isaiah⚡️ (@Bitcoin Isaiah) November 17, 2023
While the SEC appears to be engaging with the firms in revising the proposal, it has yet to make a decision on moving the deadline to January 2024. On Nov. 16, Wisdom filed an amended Form S-1 with the regulator, which then made similar amendments. ARK and 21Shares, Valkyrie, Bitwise and VanEck.
According to Eric Balchunas, senior ETF analyst at Bloomberg, the revised versions may be in response to concerns raised by the SEC. “This means that ARK has received the SEC's comments and discussed all of them and has now filed [the] Return the ball [the] SEC court,” Balchunas said. “[In my opinion] Good sign, strong growth.
Spot Bitcoin ETF is an investment fund that mirrors the value of Bitcoin. The “spot” aspect means that the fund directs the purchase of Bitcoin as the underlying asset. It allows investors to participate in the Bitcoin market through their regular brokerage accounts. For example, it is a way to be exposed to BTC price fluctuations without having to buy on a crypto exchange.
As a result, one place Bitcoin ETF is expected to attract capital from institutional investors, which could push the price of Bitcoin to new highs in the coming months. According to Bloomberg analysts, there is a 90% chance that all proposals will be approved in January.
Magazine: Should You Give Kids the ‘Orange Pill'? The issue of Bitcoin children's books
