Crypto Update: Progress in Spot Bitcoin ETF, While El Salvador Struggles with Adoption

By: Isha Das

The crypto world continues to show significant developments with major players like Fidelity and the United States Securities and Exchange Commission (SEC) showing progress in the form of dialogues and discussions for the long-awaited approval of a spot Bitcoin exchange-traded fund (ETF). Interestingly, this imminent approval has prompted the SEC to release an investor alert concerning 'Crypto Asset Securities', further suggesting a green light in the near future.(source)

In parallel news, despite becoming the first country to formally accept Bitcoin as legal tender, El Salvador still seems to struggle in terms of mass crypto adoption. A recent CoinGecko report points out that less than 2% of the country's population actually owns Bitcoin. Nevertheless, the government of El Salvador continues to make efforts to increase the widespread adoption of cryptocurrency.(source)

Finally, with money pouring into Bitcoin at unprecedented rates, the market's sentiment seems to be bullish with predictions of price reaching the range of $47,000-$48,000, according to one crypto analyst. Though there is also caution that significant price increases are often followed by retracements at this stage in the market cycle. Overall, the crypto market continues to evolve and presents exciting potentials and challenges.(source)