Bitcoin holds firm after regulators approve ETFs

Bitcoin held steady on Thursday after regulators approved the first U.S.-listed exchange traded funds (ETFs) to track the world’s largest cryptocurrency, seen as a landmark move that could broaden its appeal to investors. The Securities and Exchange Commission (SEC) said on Wednesday it approved 11 applications, including from BlackRock (NYSE:BLK), Ark Investments/21Shares, Fidelity, Invesco and VanEck, with most of the products expected to begin trading later in the day. Bitcoin was little changed in Asian hours and was last at $46,337. It had surged to its firmest in 21 months at $47,897 earlier in the week in anticipation of the SEC approval, after those expectations contributed to an impressive 156% gain in bitcoin last year. Ether, the second-largest cryptocurrency, rose 0.2% to $2,590.20, after having peaked at $2,644 on Wednesday, its strongest since May 2022. “The approval of these spot bitcoin ETFs is a pivotal moment in the evolution of the cryptocurrency market,” said Brett Tejpaul, head of Coinbase (NASDAQ:COIN) Institutional. “With major asset managers bringing the world of digital assets to millions through this regulated product, these ETFs are set to catalyse industry growth, unlocking trillions in new capital.” Source: https://www.investing.com/news/stock-market-news/bitcoin-holds-firm-after-regulators-approve-etfs-3271950


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