SEC approves first Bitcoin ETF – king coin hype amplifies

BTC’s price witnessed an uptick, velocity declined.

Futures ETF. This groundbreaking development marked the inaugural ETF of its kind accessible in the United States, with trading set to commence on Tuesday.For context, an ETF or Exchange Traded Fund is a type of investment vehicle that tracks the performance of specific assets. Here, the BITX ETF focuses on Bitcoin.

The registration of this futures-based ETF directly results from developments within the industry, with special attention given to BlackRock’s initiative to introduce Bitcoin Spot ETFs. Furthermore, Coinbase, a prominent US-based cryptocurrency exchange, will serve as the custodian for the Trust’s Bitcoin holdings.The SEC is anticipated to approve BlackRock’s ETF request as well. While this news appears favorable for the cryptocurrency market, the SEC’s recent actions have contradicted this sentiment. The regulatory body’s lawsuits against Coinbase and Binance have had a detrimental impact on several altcoins, as the SEC classifies many of them as securities.

Source: Digital Coin News (digitalcoinnews.net)

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