BTC is being traded at $41,247.27, with a slip of 9.91% in the last 7 days. This comes after the US SEC approved 11 applications for the Spot Bitcoin ETF. The token is eventually poised to surpass its ATH. However, a portion of the community is not precisely excited about that at the moment. Brad Garlinghouse, the Chief Executive Officer of Ripple, nevertheless remains undeterred.
Brad has said that he is optimistic about future developments. The statement comes after Bitcoin moved up over Silver to become the second-largest commodity ETF. Gold still holds the top spot with a valuation of $95 billion in market cap. The combined assets of silver ETFs are around $11 billion. It is low when one considers the conversion by Grayscale of the Bitcoin Trust into an ETF for $30 billion.
According to Garlinghouse, the majority of the industry is devoted to abiding by rules that the appropriate authorities implement. During his interaction with the media, he has also talked about the ongoing legal battle between the SEC and Coinbase. The CEO of Ripple believes that Gary Gensler, the SEC Chair, is simply pursuing his personal agenda through the legal fight with Coinbase, adding that his interests should rather align with those of the public.
That allegation by Brad has yet to be proven in court. This is not the first time he has come out to attack the SEC Chair. In October 2023, he alleged that the former SEC Chair, Jay Clayton, was wrong with his comments on the Commission’s crypto legislation approach.
Brad Garlinghouse’s support of Spot Bitcoin ETF is understandable, given his previous statements regarding the product’s potential to pave the way for Ether ETF in the coming months. Considering all the crypto assets that will be entering the sphere in the near future, this has become a prevailing viewpoint.
The Spot Bitcoin ETF was one of the most talked-about events in the industry. It was predicted that the approval of applications would cause an increase in the valuation of BTC, with a ripple effect on other tokens. Applications have been approved, but the predicted impact remains to be seen. BTC’s value has dropped dramatically from over $46k to around $40 since then.
ETH has somehow maintained the momentum of exchanging hands above the mark of $2,500. As for Ripple’s XRP, the token is on a falling spree, with the recent dip coming by 3.35% in the last 24 hours. Making things worse is the slip of 7.88% in the last 7 days and 10.58% in the last 30 days. There was a crash in the crypto market, but it has been two weeks since that incident. Recovery was noted pretty instantly, as BTC led the charts. Now the market is back to the ground, suffering amid increased volatility despite the community gaining access to the Bitcoin ETF.
