Anticipation of crypto ETFs has boosted bitcoin prices

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Anticipation of crypto ETFs has boosted bitcoin prices

The SEC in the US has approved rules that will pave the way for adopting bitcoin Exchange Traded Funds, a landmark event that could see increasing appetite by mainstream finance. The decision will lead to the conversion of the Grayscale Bitcoin Trust. This crypto asset manager holds about $29 billion of the cryptocurrency, into an ETF, as well as the launch of competing funds from mainstream issuers such as BlackRock's iShares and Fidelity. After the green light by the SEC, ethereum soared and bitcoin edged slightly lower but the anticipation of the ETF has significantly boosted the price of bitcoin in recent months. Ether also lagged bitcoin in 2023, rising just 90% compared to bitcoin's 157%.