From Investing.com:

The SEC has approved the trading of several exchange-traded funds (ETFs) linked to the spot price of bitcoin. This decision comes after a decade long tussle with the crypto industry. Many well-known companies, including Grayscale Bitcoin Trust and BlackRock, have launched their own bitcoin ETFs. The price of Bitcoin surged to its highest level since Dec. 2021 as a result of this announcement.

The approval of bitcoin ETFs is expected to lead to a fierce competition for market share among the issuers. Fees on the new bitcoin ETFs range from 0.2% to 1.5%, with some firms offering to waive fees entirely for a certain period of time. Bitcoin ETF flows are expected to cross $10 billion in 2024 and reach $80 billion by the end of next year according to analysts.

As a result of the announcement, cryptocurrency-related stocks climbed higher initially before many dropped. However, Circle Internet Financial, the company behind stablecoin USDC, announced it had filed for a U.S. initial public offering. Circle controls the issuance and governance of USDC, a cryptocurrency pegged to the U.S. dollar.



Read more: US bitcoin ETFs begin trading, in test of investor appetite for crypto By Reuters