US allows Bitcoin to be listed on the exchange, the cryptocurrency market is bustling

The US Securities and Exchange Commission (SEC) has just approved the first Bitcoin exchange-traded funds (ETFs) to be listed on a stock exchange.

ETFs (Exchange Traded Funds) are investment funds that mimic the movements of stock or bond indexes. Instead of having to go to exchanges like Binance or Coinbase to buy and hold Bitcoin, investors can now access the world's largest cryptocurrency without having to hold it directly.

"The decision was approved by the SEC on January 11 (Vietnam time)" - Reuters quoted information from the SEC.

SEC Chairman Gensler said the agency has approved 11 Bitcoin ETF applications, including those from BlackRock, Ark Investments, 21Shares, Fidelity, Invesco and VanEck.

The approval of a Bitcoin ETF marks a major turning point for the entire cryptocurrency market. Photo: CNBC

The Bitcoin ETF will be listed on the Nasdaq, NYSE and CBOE stock exchanges, and will be backed by Bitcoin purchased from cryptocurrency exchanges, under the supervision of specialized units.

Trading is expected to begin on January 12 (Vietnam time). Accordingly, the parties will create a market monitoring mechanism to help avoid the risk of Bitcoin price manipulation and bring transaction fees to 0.2-0.8%, much lower than the average transaction fee in the ETF market in general.

Buying Bitcoin ETFs in the form of spot delivery helps investors access Bitcoin transactions, avoiding many risks compared to owning Bitcoin directly. In the traditional way of trading cryptocurrencies, steps such as setting up a wallet, creating an account on the exchange, creating a personal profile are often poorly secured, vulnerable to hackers.

In addition, Bitcoin ETFs listed on stock exchanges are strictly regulated by authorities, making them accessible to all investors.

The SEC's move is considered an important turning point for Bitcoin as well as the entire cryptocurrency market.

The entire cryptocurrency market was buoyed by the SEC's decision, with Bitcoin, for example, rising 1.3% to $46,541. The world's second-largest cryptocurrency, Ethereum, also rose 8.4% to $2,570.

Source: https://nld.com.vn/my-cho-bitcoin-len-san-thi-truong-tien-so-soi-dong-han-196240111150221239.htm