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The recent approval of Bitcoin spot exchange-traded funds (ETF) has set the crypto world abuzz. As a Jan 10, 2024 deadline approached, rumors were swirling and causing market volatility. The X account of the U.S. Securities and Exchange Commission (SEC) was hacked on January 9 to announce a phony approval before Bitcoin spot ETFs were finally approved a day later. What's all the fuss about — and why does it matter?
This article unravels the Bitcoin spot ETF approval and explains how it works, the status of pending applications and its implications for crypto investors.
Key Takeaways:
A Bitcoin spot ETF is an investment product that tracks the price of Bitcoin in the spot market, where it’s bought and sold for immediate delivery.
The applications of multiple issuers were approved Jan 10, 2024, paving the way for billions of dollars of Bitcoin spot ETFs to trade the first day.
A Bitcoin spot ETF offers a method to invest in Bitcoin on a publicly traded stock exchange, simplifying access, boosting liquidity and providing transparency through a regulated fund. Approval marks a seminal moment for both the crypto industry and the financial markets.