DIGIVESTASI - The majority of cryptocurrency markets recorded gains over the past 24 hours, welcoming the Spot Bitcoin exchange-traded funds (Spot Bitcoin ETFs) receiving a ruling from the US Securities and Exchange Commission (SEC). For CoinMarketCap as of Tuesday (September 1, 2024) at 07:55 GMT, the cryptocurrency market was dominated by gains. Bitcoin rose 6.82% to $46,695.5 and had a weekly gain of 4.12%. 

Ethereum has been in positive territory of 4.89% over the past 24 hours although it is still down 3.07% on the week. 
Solana experienced a daily gain of 9.53% despite a weekly decline of 11.18%.  Similarly, Landslide has been in the green by 6.1% over the last 24 hours despite a weekly decline of 15.68%.

The CoinDesk Market Index (CMI), which measures the market capitalization-weighted performance of the digital asset market, rose 6.26% to 1,897.31. Open interest increased by 6.63% to $37.55 billion. 

Meanwhile, the Fear and Greed Index reported by coinmarketcap.com showed a reading of 74 which indicates that the market is in a greed/optimism phase given the current economic conditions and the electronic cryptocurrency industry. 
According to coindesk.com, this rally comes as investors await the SEC's decision on the US Bitcoin spot ETF, which is expected to be issued this week.

Most market observers expect approval, with investors predicting these vehicles will significantly expand the investor base for such assets and attract significant capital inflows. Applicants, including asset management giants BlackRock, Fidelity, and Grayscale, today filed updated S-1 filings with the SEC and some issuers have disclosed their fees that will be charged to investors.

If it does receive SEC approval, the announcement could send bitcoin prices higher, LMAX Group market strategist Joel Kruger said via email. 

At TheBitTimes, excitement about a Bitcoin ETF grew as Bloomberg Intelligence analysts increased its chances to 95%. 

Bloomberg Intelligence ETF analyst Eric Balchunas expressed his growing confidence in the likelihood of approval via Twitter, saying "probably up 5% at this point" on the likelihood of the SEC rejecting Bitcoin's application once. The revision from his previous estimate of 90% reflects a more positive view towards regulation.