Bitcoin Shakes Off Binance News, Rises Above $37K as Spot ETF Approval Eyed
Summary
Bitcoin's value increased to over $37,400 on Wednesday despite the recent turbulence in the crypto market after Changpeng "CZ" Zhao, founder and CEO of Binance, the world's biggest crypto exchange, pleaded guilty to U.S. criminal charges and agreed to leave the company. Initially dipping below $36,000, the value of Bitcoin is now 1.5% higher since the announcement. Other cryptocurrencies like Ether, Solana, and Chainlink also saw an increase of around 5-6%. In light of these recent developments, crypto observers speculate that the U.S. Securities and Exchange Commission (SEC) could approve a spot Bitcoin exchange-traded funds (ETF), which is considered a positive development for the industry.
