The U.S. Securities and Exchange Commission has approved 11 spotbitcoin exchangetraded funds, including those of Grayscale, Bitwise and Hashdex, according to a statement on Wednesday.
The approval would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world's largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.
Effect: Its bullish signal for a Bitcoin prices - those Investor who wants to invest but till date they are not active because of some of fraud or other factors now they will also enter to Buy Bitcoin ETF without Buying BITCOIN Directly.We believe anydown side dip of Bitcoin around 38000$ will be a Good Buying for the target of 55000$ in a quarter.
In a decision that is anticipated to have sweeping implications for the wider crypto industry, the U.S. Securities and Exchange Commission gave the green light on Wednesday to 11 applications from a range of issuers, including BlackRock & Fidelity as well as digital currency asset manager Grayscale.
Some proponents of Bitcoin, the world's most popular cryptocurrency, have claimed that the SEC's approval would spark a rush of demand into the token. Through a spot Bitcoin ETF, investors will have the chance to gain exposure to the digital asset without directly owning it. Detractors have, however, flagged that ETFs could persuade retail traders to pour money into a sector that has been beset with a spate of fraud-related scandals and huge volatility.
The decision, which was backed by SEC Chair and known crypto-skeptic Gary Gensler, marked a U-turn for a commission that has largely been reticent to sign off on a spot Bitcoin ETF for much of the past decade. It also comes after hackers temporarily took control of the SEC's account on social media platform X on Wednesday and falsely claimed that the regulator had already approved the applications, sparking wild fluctuations in the price of Bitcoin.
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