Bitcoin exhibited stability on Thursday after receiving regulatory approval for the first U.S.-listed exchange-traded funds (ETFs) tracking the world’s largest cryptocurrency. This landmark decision is anticipated to enhance Bitcoin‘s appeal to a broader spectrum of investors.
The Securities and Exchange Commission (SEC) announced on Wednesday the approval of 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. Most of these ETFs are expected to commence trading later in the day.
In Asian trading hours, Bitcoin showed minimal changes and was last recorded at $46,337. Earlier in the week, the cryptocurrency had surged to its strongest level in 21 months at $47,897, driven by expectations of SEC approval. These anticipations had contributed to an impressive 156% gain in Bitcoin’s value over the course of the previous year.
The second-largest cryptocurrency, Ether, experienced a modest 0.2% rise to $2,590.20, having reached $2,644 on Wednesday, its highest point since May 2022.
Brett Tejpaul, head of Coinbase Institutional, remarked on the significance of the SEC’s approval, stating, “The approval of these spot Bitcoin ETFs is a pivotal moment in the evolution of the cryptocurrency market.” He emphasized that with major asset managers bringing digital assets to millions through regulated products, these ETFs are poised to drive industry growth, potentially unlocking trillions in new capital.
