Bitcoin Surges Over 5 Percent After SEC Approves ETFs

Bitcoin Surges Over 5 Percent After SEC Approves ETFs

VoM News Desk | January 11, 2024 | 09:39 PM IST | Breaking News | Follow on Google News

Bitcoin Surges Over 5 Percent After SEC Approves ETFs/Reuters

Bitcoin Surges Over 5 Percent After SEC Approves ETFs

The price of Bitcoin surged over 5%, reaching an intraday high of $49,012, following the approval by the US Securities and Exchange Commission (SEC) for investment firms to establish Bitcoin exchange-traded funds (ETFs). The SEC’s decision signals potential growth for the world’s largest cryptocurrency by market capitalization. The daily trading volume for Bitcoin on cryptocurrency exchanges also surged to $52 billion, the highest level since March 21 of the previous year. This development is seen as a significant milestone that bridges traditional financial markets with the innovative realm of digital assets. Eleven investment firms, including BlackRock, Fidelity, and Franklin Templeton, are allowed to list Bitcoin-based ETFs on major US exchanges, such as Nasdaq and the New York Stock Exchange.

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