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After trading closed on Wednesday, the U.S. Securities and Exchange Commission gave the green light to the first Bitcoin ETF. A decade after the birth of the digital currency, Bitcoin is becoming a mainstream investment after turbulent ups and downs.
In initial reaction, the Bitcoin price showed a moderate reaction to the launch of the first eleven approved Bitcoin funds traded on the exchange. The market has been awaiting ETF approval from the SEC for weeks. The price of one Bitcoin remained just under $46,000.
ETFs are offered by established financial institutions. This means Bitcoin is no longer just a speculative risk investment. With a regulated product, digital currency will also be accessible to institutions, private individuals and investment funds that have previously avoided cryptocurrencies.
turbulent 24 hours
Just 24 hours earlier, the hack of SEC’s X account had caused turmoil in the market. A fake post from tax authorities announced that trading of the funds had been given the green light on Wednesday.
Minutes later, the SEC denied approval. Since then, X and initial FBI investigations have confirmed that the SEC’s X account was “compromised.”
Only on Wednesday did trade react with an enthusiastic increase in prices. The fact that volatile price fluctuations do not follow SEC approval is evidence of a certain maturity that Bitcoin has gained over the years.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
