Bitcoin ETFs Approved by SEC in ‘Pivotal Moment’ for Cryptocurrency

Published on January 12, 2024

The US Securities and Exchange Commission (SEC) approved the first US-listed exchange-traded funds (ETFs) to track bitcoin on Wednesday. Experts described it as a watershed moment for both the world’s largest cryptocurrency and the broader crypto industry. The announcement follows a turbulent 24 hours for the decentralized digital currency. A post on X (formerly Twitter), published on the SEC account Tuesday, announced the approval of the long-awaited ETFs. This caused bitcoin’s price to surge by more than $1,000. Shortly thereafter, the SEC declared that its account had been ‘compromised’ and the tweet was ‘unauthorized. However, on Wednesday, the SEC did approve the ETFs—this time legitimately—while maintaining a skeptical stance on cryptocurrency....

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