Bitcoin’s price held steady at $118,119 as investors await the Federal Reserve’s interest rate decision. Meanwhile, the SEC approved in-kind redemptions for crypto ETPs, marking a pivotal moment for institutional crypto adoption.
Bitcoin News: Market Awaits Fed Decision
Bitcoin traded flat near $118,000 amid anticipation for the Federal Reserve’s upcoming rate decision. Key points:
- BTC briefly crossed $119,000 earlier in the week before settling at $118,119
- Ethereum outperformed, rising 1% to reclaim $3,800
- Altcoins showed mixed performance with XRP up 0.60% while SOL fell 1%
SEC Approves In-Kind Crypto ETP Redemptions
The SEC’s approval of in-kind redemptions for crypto ETPs could transform market dynamics:
| Impact | Description |
|---|---|
| Efficiency | Investors can receive crypto assets directly instead of cash |
| Cost Reduction | Eliminates need for conversion, lowering transaction costs |
| Regulatory Signal | Shows SEC’s evolving stance on crypto financial products |
UAE’s Rakbank Launches Retail Crypto Trading
Rakbank became the first conventional UAE bank to offer crypto trading through its mobile app. The service allows:
- Direct buying/selling of crypto using dirham accounts
- No foreign exchange conversions needed
- Powered by Bitpanda’s technology infrastructure
Frequently Asked Questions
Q: How will the Fed decision impact Bitcoin?
A: A less hawkish stance could support Bitcoin, while rate holds may maintain current volatility.
Q: What does SEC’s ETP approval mean for investors?
A: It provides more flexibility and potentially lower costs for institutional crypto exposure.
Q: Can I trade crypto through Rakbank now?
A: Yes, UAE residents can access crypto trading directly through Rakbank’s mobile banking app.
Q: Why is Ethereum outperforming Bitcoin recently?
A: Growing institutional demand and network upgrades are driving ETH’s relative strength.
