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The U.S. Securities and Exchange Commission granted approval for exchange-traded funds that invest directly in bitcoin (BTC-USD), according to a post on social media platform X.
Bitcoin (BTC-USD) initially spiked on the news, surging to as high as $47.8K, only to erase those gains minutes later. The abrupt fluctuation suggests that the news was perhaps already priced in. Over the past 24 hours, the coin dipped 1.8% to $46.2K at 4:22 p.m. ET.
ETFs approved for listing on all registered national securities exchanges will be subject to ongoing surveillance and compliance measures, the regulator said.
“Today’s approval enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework,” SEC Chair Gary Gensler said.
Image and article originally from seekingalpha.com. Read the original article here.