The surprising approval from the US SEC breathed new life into digital assets, according to Matthew McDermott, the global head of crypto at Goldman Sachs. The recent green light for Spot Bitcoin ETFs has been hailed as a significant turning point by the renowned financial firm, Goldman Sachs, who described January’s BTC investment offering as a remarkable success. This approval has had a profound impact on the digital asset market, igniting enthusiasm among investors.
The US SEC’s unexpected permission gave digital assets a renewed sense of purpose. It took three months after the approval for Bitcoin to reach a record-breaking high of $73,000. Many experts now predict that this momentum will continue to drive market growth.
The introduction of Spot Bitcoin ETFs at the beginning of 2024 caused a seismic shift in the digital asset sector, captivating institutional investors. This development significantly influenced the value of digital assets and bolstered the market’s credibility and attractiveness.
Matthew McDermott, the global head of crypto at Goldman Sachs, emphasized this change. During his speech at the Consensus Crypto Conference in Texas, McDermott proudly touted the phenomenal performance of the Bitcoin ETF. The asset’s 60% rally since its approval underscores its significance. McDermott also expressed optimism about the future, speculating that Ethereum may soon follow in Bitcoin’s footsteps.
Nevertheless, institutional investors consistently demonstrate interest and trust in Bitcoin and Ethereum, making these two cryptocurrencies their top choices. The introduction of Bitcoin and Ethereum ETFs has unleashed new potential in the US digital asset market.
In today’s crypto news, the price of Solana (SOL) is facing downward pressure, and experts delve into the reasons behind it. 
