Bitcoin ETFs trading get affirmed by US stock exchange regulator
While according to LSEG data, the bitcoin-exchange traded funds [ETFs] saw a $4.6 billion worth of shares trading as of Thursday mid afternoon. Meanwhile, Grayscale, BlackRock and Fidelity dominated the trading volumes.
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The US Security and Exchange Commission has granted the approval for the establishment of Bitcoin exchange traded funds [ETFs] by investment firms and companies, compelling a huge potential revival for the global’s largest cryptocurrency token by market capitalization. The grant will further allow 11 investing firms, including BlackRock, Fidelity, and Franklin Templeton to list Bitcoin-based ETFs on major US exchanges, including Nasdaq and the New York Stock Exchange.
The cryptocurrency has experienced a series of downturns, dropping to around $16,000 in November 2021 amid gaining all time high of nearly $69,000 previously. But in 2023, it roses sharply, due to the hype around the Bitcoin ETF approval, and currently trading at $44,000.
While according to LSEG data, the bitcoin-exchange traded funds [ETFs] saw a $4.6 billion worth of shares trading as of Thursday mid afternoon. Meanwhile, Grayscale, BlackRock and Fidelity dominated the trading volumes.
The ETF has lifted the price of bitcoin up to highest level since December 2021, up to 0.77% at %46,303. Whereas the price of ether, the second-largest cryptocurrency, was up to 2.79% at $2597.95.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshIndia’s cryptocurrency market was hit hard by taxation rules passed in the Union Budget 2022, which introduced a 30% income tax on profits and a further 1% tax deducted at source[ TDS] on all crypto trades. As per now, billions of dollars are expected to pour into the Bitcoin market, as the financial companies will start buying the digital coins.
What is Bitcoin:
Bitcoin is a payment that uses virtual currency instead of fiat or physical currency. It actually uses a blockchain to secure transaction information out of the reach of centralized third parties who traditionally facilitate and regulate transactions. The price fluctuating rate is extremely volatile, which means it can rises and fall very often, and one could generate significant returns investing in Bitcoin, but could also quickly lose substantial money.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaIt is the first decentralized cryptocurrency. Nodes in the peer-to-peer Bitcoin network verify transactions through cryptography and record them in a publicly distributed ledger, called a blockchain. Many assumptions are sought for the potential inflow into spot bitcoins ETFs with major analysts projecting flows to surpass $10 billion in 2024 or reaching $50 billion to $100 billion in 2023 alone, as per the report.
ETFs [EXCHANGE TRADED FUND]:
An exchange-traded fund [ETF] is a type of investment fund that is also an exchange-traded product, that is, traded on the stock exchange. ETFs owns financial assets such as stocks, bonds, currencies, debts, future contracts, and commodities such as gold bars.
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