First U.S. Bitcoin ETFs Initiate Trading After SEC Approval, Analysts Anticipate Future Surge
Summary:
The U.S. launches its first-ever Bitcoin exchange-traded fund (ETF), initiated by BlackRock's iShares Bitcoin Trust and Grayscale's Bitcoin Trust. They started trading ahead of the regular market after gaining approval from the Securities and Exchange Commission (SEC). Despite early stability in Bitcoin's price, analysts expect a possible surge with the initiation of standard trading hours.
The U.S. has launched its first Bitcoin exchange-traded fund (ETF), trading ahead of the market after receiving the green light from the Securities and Exchange Commission (SEC). This venture is represented by BlackRock's iShares Bitcoin Trust, also known as IBIT, with an initial trading rise of 22.25% to $26.81 and is enlisted on the Nasdaq exchange.
Besides BlackRock, Grayscale's Bitcoin Trust (GBTC) ETF is the second spot Bitcoin ETF to kick off in pre-market trading. GBTC shares increased by 2% during these early trading hours and is a part of the New York Stock Exchange (NYSE).
Pre-market trading lets assets to be traded before traditional market hours, usually between 8 am and 9:30 am ET and lets traders foresee how markets might perform after the opening bell.
In an unprecedented move, the SEC greenlit the 19b-4 applications from several key players: ARK 21 Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. This means that these Bitcoin ETFs are viable for listing and trading on different public exchanges.
Despite the official confirmation of the U.S.'s first spot Bitcoin ETF, Bitcoin's price remained stable around the $46,000 mark. However, when false news of the ETF's approval surfaced on Jan.9, Bitcoin's price climbed to $48,000. Experts predict a potential uprise in Bitcoin's price with the initiation of standard trading hours, expecting billions to flow into these ETFs.
As we approach the breaking dawn of standard trading hours, Bitcoin's price rests comfortably above $46,500.
Published At
1/11/2024 1:51:28 PM
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