The US Securities and Exchange Commission (SEC) recently approved investing in Bitcoin through Exchange Traded Funds (ETFs). As a result, traders can invest in Bitcoin in the traditional way. It is reported that $4.6 billion was traded on the first day of approval. News Reuters.
Those concerned are considering the approval of cryptocurrency as a landmark event in this sector. Bitcoin and cryptocurrencies are still risky for most mainstream investors and traders. ETFs are playing an effective role in reducing this risk.
Following the approval, 11 spot bitcoin ETFs including BlackRock’s iShare Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21 Share Bitcoin ETF began trading. It started fierce competition in the stock market.
