July 21, 2024

Bitcoin holds firm after regulators approve ETFs

SINGAPORE (Reuters) – Bitcoin held steady on Thursday after regulators approved the first U.S.-listed exchange traded funds (ETFs) to track the world’s largest cryptocurrency, seen as a landmark move that could broaden its appeal to investors.

The Securities and Exchange Commission (SEC) said on Wednesday it approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, with most of the products expected to begin trading later in the day.

Bitcoin was little changed in Asian hours and was last at $46,337.

It had surged to its firmest in 21 months at $47,897 earlier in the week in anticipation of the SEC approval, after those expectations contributed to an impressive 156% gain in bitcoin last year.

Ether, the second-largest cryptocurrency, rose 0.2% to $2,590.20, after having peaked at $2,644 on Wednesday, its strongest since May 2022.

“The approval of these spot bitcoin ETFs is a pivotal moment in the evolution of the cryptocurrency market,” said Brett Tejpaul, head of Coinbase Institutional.

“With major asset managers bringing the world of digital assets to millions through this regulated product, these ETFs are set to catalyse industry growth, unlocking trillions in new capital.”

(Reporting by Rae Wee; Editing by Jacqueline Wong)

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