🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

SEC approval of Bitcoin ETFs sparks meme coin launches

EditorAhmed Abdulazez Abdulkadir
Published 11/01/2024, 14:28
© Reuters
BMC
-
BTC/USD
-
GSOL
-

NEW YORK - The U.S. Securities and Exchange Commission (SEC) has given the green light to Bitcoin Exchange-Traded Funds (ETFs), a move that has positively influenced cryptocurrency market sentiment. This regulatory nod has paved the way for the introduction of novel crypto assets, including meme-inspired ETF tokens.

Following the SEC's endorsement, the crypto community witnessed the creation of several Solana-based meme coins. Notably, an "Electric Turkey Frier"-themed ETF token and another named BTCETF have entered the market. Both tokens debuted to considerable fanfare and quickly garnered significant trading volumes.

The "Electric Turkey Frier" ETF token was launched on the Raydium Automated Market Maker (AMM) platform. Enthusiasm around this quirky asset was evident as it saw its price soar shortly after its 9 pm UTC launch. Similarly, BTCETF experienced a notable surge in value post-launch, reflecting the heightened interest from investors and traders.

In the wake of these developments, Bitcoin's price experienced a substantial uptick, momentarily reaching the $47,000 threshold. This price movement underscored the broader market's reaction to the SEC's decision, which many investors perceived as a legitimizing force for cryptocurrencies.

Despite the initial excitement and trading activity, both the "Electric Turkey Frier" ETF token and BTCETF have since confronted challenges. The market has observed a sharp downturn in their market capitalization and liquidity, a common occurrence in the volatile crypto market, especially after a period of intense hype.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.