Big day for Bitcoin: Over $4B traded as new investment option

Spot bitcoin ETFs began trading yesterday, and the first day saw $4.6 billion in trading volume.

Eleven ETFs, including offerings from major financial firms like BlackRock and Fidelity, began trading on Thursday, a day after receiving approval from the SEC.

The federal regulator’s approval allows everyday investors to dive into bitcoin trading, allowing them to trade cryptocurrency as easily as stocks and mutual funds—via their regular brokerage accounts.

Notably, BlackRock’s fund experienced one of the highest-volume days on record for a new ETF.

However, investment firm Vanguard decided against offering spot bitcoin funds.

Although early trading on popular platforms like Nasdaq was impressive, analysts suggest it might take months to assess the long-term impact it has on cryptos.

Bitcoin’s price briefly soared to $49,000 following ETF approvals, reflecting optimism.

The SEC Chair Gary Gensler stated they neither approve nor endorse bitcoin, expressing concerns about illegal activities and conflicts of interest in crypto trading.