How will the SEC’s approval of the Bitcoin ETF affect investors? 🤔✅
The U.S. Securities and Exchange Commission’s (SEC) approval of the launch of 11 bitcoin exchange-traded funds (BTC ETFs) surged in bitcoin trading volumes.
On the first day of the launch of trading in spot bitcoin ETF units, about 700,000 transactions were made, and the trading volume reached $4.33 billion. Half of this volume, or $2.1 billion, came from Grayscale’s bitcoin ETF, and another $1 billion came from a fund launched by BlackRock.
Bitcoin price consolidation is a good starting point for further growth. The next target is $50,000 by the end of April 2024.
The U.S. Securities and Exchange Commission (SEC) has approved the launch of 11 bitcoin exchange-traded funds (BTC ETFs) on 10 January 2024. The authorisation to create exchange-traded bitcoin ETF funds is a key regulatory move that will make it easier for ordinary investors to put their money into the digital currency and spur its continued growth. The commission had previously withheld approval for ten years.
The SEC’s decision is an important milestone for the cryptocurrency industry as the spot bitcoin ETFs allow investors to access bitcoins directly without owning them by buying shares of these funds, which buy bitcoins directly.
In the first hours after the trading launch, bitcoin’s price approached $49,000, but the cryptocurrency failed to consolidate above this level. Some investors expectedly preferred to lock in profits and sell coins, which pressured the bitcoin rate and restrained its growth. Nevertheless, on higher timeframes, the overall uptrend looks stable. The growth of BTC prices from the inflow of institutional capital will be less rapid and manifest itself in the long term.
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Disclaimer:
This content should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
