CNBC Daily Open: Bitcoin's badge of honor
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A Bitcoin logo on a screen in Hong Kong, China, on Tuesday, Dec. 5, 2023. Paul Yeung | Bloomberg | Getty Images

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

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Bitcoin just received its biggest stamp of approval, giving crypto bros their most powerful bragging rights yet. The decision by the SEC to approve the creation and trading of bitcoin ETFs will allow for better adoption of the world's oldest cryptocurrency by mainstream finance. Grayscale Bitcoin Trust, that holds about $29 billion of the cryptocurrency, will likely be converted into an ETF following the decision, while big Wall Street's BlackRock and Fidelity will also enter the playing field. "Today's news is possibly Bitcoin's biggest since its launch but the approval of spot ETFs shouldn't be viewed in isolation, given the timing of the upcoming halving in April which cuts the BTC supply and historically kickstarts the new bull market. Both these events combined could well send Bitcoin to $100,000 in 2024," said Antoni Trenchev, co-founder and managing partner of the digital asset firm Nexo. Trenchev also noted that "there is a temptation to say the approval of spot Bitcoin ETFs is a buy-the-rumour, sell-the-news event." The decision comes a day after an official SEC social media account falsely said bitcoin ETF trading had been approved. The SEC confirmed that the account had been compromised. Later in the day, investors will also shift focus towards consumer price data which is expected to show inflation edged higher in the last month of 2023. This could potentially bring into question whether markets are getting ahead of themselves in anticipating rate cuts by the Fed. There still remains a wide gap between what the U.S. central bank has indicated in terms loosening its monetary policy and what the market is expecting.