The US Securities and Exchange Commission (SEC) has begun reviewing the applications of several finance giants, including BlackRock and Fidelity, to launch spot Bitcoin exchange-traded funds (ETFs). This marks the first step before approval or rejection. The SEC has previously failed to approve such ETFs from other companies. The potential approval of the spot market ETFs would require its demonstration of similar efficacy to the futures market. This development has infused enthusiasm in the crypto space and positively affected the market.

AI Sentiment: Neutral