Approved: SEC Green Lights Bitcoin ETFs

Yesterday, the Securities and Exchange Commission (SEC) approved the first batch of ETFs (Exchange-traded funds) based on bitcoin to be listed in the US.

SEC took to X (formerly Twitter) to announce the approval of the long-awaited ETFs on Tuesday, which led the price of Bitcoin to jump by $1000. The green light to 11 ETFs opens the door to cryptocurrencies to many new investors who want to avoid getting directly involved in buying the actual coin.

According to crypto analyst Michael Van de Poppe, the approval of ETFs holds historical significance. He claims that from its origin, bitcoin has now assured its place in the mainstream financial realms as financial institutions gain the ability to participate in digital assets. He added, “Approval of Bitcoin ETF holds immense importance in integrating the cryptocurrency in today’s society.

Since the announcement, the US bitcoin ETFs have seen $4.6B in volume on the first day of trading. The development is expected to have an optimistic effect on all stakeholders in the crypto market, including developers, miners and investors.

Leave a Reply

Your email address will not be published. Required fields are marked *