Bitcoin

<h3 id="the-u-s-sec-has-issued-a-favorable-ruling-on-the-launch-of-bitcoin-etf-from-blackrock-and-other-companies-these-exchange-traded-funds-are-expected-to-open-access-to-cryptocurrency-to-a-wide-range-of-investors-and-attract-new-capital">The U.S. SEC has issued a favorable ruling on the launch of Bitcoin ETF from BlackRock and other companies. These exchange-traded funds are expected to open access to cryptocurrency to a wide range of investors and attract new capital</h3><p>The US Securities and Exchange Commission (SEC) has approved the launch of 11 exchange-traded funds (ETFs) investing directly in Bitcoin. And will open up access to the largest cryptocurrency in the traditional US financial market and beyond.</p><p>The SEC has authorized funds from all applicant companies, including BlacrRock and Fidelity Investments. And to begin trading shares on the New York Stock Exchange (NYSE), NASDAQ and Chicago Board Options Exchange (CBOE) starting Jan. 11.</p><blockquote><strong>Why a spot bitcoin ETF is important</strong>Various exchange traded funds (ETFs). And including gold, have trillions of dollars in assets under management. In the cryptocurrency community, it is widely believed that even a small percentage of this capital can potentially impact the global crypto market. After the approval of spot Bitcoin ETF, the demand for cryptocurrency should increase: buying shares of the funds implies the delivery of bitcoin as an underlying asset, that is, its direct purchase in the market, affecting the rate.</blockquote><p>The decision came a day after SEC  X account (formerly Twitter) posted a false message that the agency had approved the ETF. Minutes after the publication appeared, the regulator said the account had been hacked. This led to sharp fluctuations in the bitcoin exchange rate. Which reacted with sharp jumps to each of the statements.</p><h3 id="regulator-has-been-withholding-approval-to-launch-etfs-for-more-than-a-decade">Regulator has been withholding approval to launch ETFs for more than a decade</h3><p><a href="https://crypto-upvotes.com/" rel="noopener noreferrer nofollow">Our experts</a> note that back in 2013, twin brothers Tyler and Cameron Winklevoss, now owners of the Gemini cryptocurrency exchange, decided to create the first such fund. In June 2023, the world&#39;s largest management company BlackRock applied for registration of a <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">bitcoin</a>-ETF.</p><p>The ruling in favor of bitcoin funds came after Grayscale Investments scored a key victory over the SEC in court. A federal appeals court overturned the SEC&#39;s denial of Grayscale&#39;s application to convert its existing bitcoin trust into a full-fledged ETF. The court called the denial &#34;arbitrary and capricious&#34; because SEC officials were unable to make a compelling argument for banning spot funds. Back in 2021, the SEC approved several ETFs. Which allow investors to speculate on bitcoin futures. But the shares of such ETFs have no direct impact on the bitcoin market.</p><p>SEC Chairman Gary Gensler emphasized this in a public statement. According to him, it was the Grayscale case that was the tipping point for the regulator to change its rhetoric. Nevertheless, the agency still &#34;does not endorse or support bitcoin itself.&#34; Investors, it said, should be wary of the &#34;numerous risks associated with bitcoin and products whose value is tied to the cryptocurrency.&#34;</p>

US allows Bitcoin ETF for the first time after 10 years of denials

Table of Contents

Crypto Upvotes News

Other articles published on Jan 11, 2024

Ethereum Shark Invests 7 $ETH ($17400) Into Mollars ICO As Demand Signals For Parabolic Futures

Breaking: U.S. CPI Inflation Ticks Up to 3.4%, Core Inflation Misses Market Estimates

USDC issuer Circle secretly files for IPO, Ripple next?

Preparing for the Bull, Giant Whales Buy This Altcoin Instead of Bitcoin: They Made a New Purchas...

BNB vs Polygon: Which network takes the cake with high user activity

XRP vs SEC: Ripple Faces SEC Demand for 2022-2023 Financial Statements

Join our free newsletter for daily crypto updates!