【Author】
Liu, Shiang; Yang, Changyu
【Source】FINANCE RESEARCH LETTERS
【Abstract】This paper studies how the SEC's approval of spot cryptocurrency ETFs affects the cryptocurrency market. We find that the launch of spot cryptocurrency ETFs elevates cryptocurrencies to a more legitimate asset class and increases Bitcoin's price and liquidity. In addition, this study offers no supportive evidence for the view that spot cryptocurrency ETFs serve as stepping stones toward tokenization.
【Keywords】Spot cryptocurrency ETF; Legitimacy; Liquidity; Tokenization
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