Bitcoin has been officially approved by the US Stock Exchange – on October 19, the world’s first trading of the Bitcoin Strategy ETF was successfully launched in New York. In two days of trading, Bitcoin assets managed by the exchange-traded fund exceeded $1 billion. The Bitcoin Strategy ETF thus became the first US exchange-traded fund to be officially approved for Bitcoin contracts.
An Exchange Traded Fund (ETF) is a type of investment fund that includes a specific asset or bundle of assets and issues securities that reflect changes in the asset’s (in this case, Bitcoin’s) value.
With such a promising start, the Bitcoin ETF has all the chances to become a highly sought-after financial tool that will allow more investors to indirectly participate in the market without the need to hold cryptocurrency and thus will provide more convenient access to various assets.
The launch of the Bitcoin fund could be one of the reasons for the strengthening of BTC’s position: on October 20, the price of Bitcoin set a new all-time high record, exceeding the $67,000. Today, the market capitalization of Bitcoin already exceeds $1.22 trillion, according to CoinGecko, and continues to grow steadily.