Bitcoin exchange trade funds jumped to $4.6 billion in trading volume on its historic first day as a US regulation-approved cryptocurrency this Thursday, Jan. 11.
Crypto firms Grayscale, BlackRock, and Fidelity dominated the market as investors jumped into the opportunity to obtain the cryptocurrency as secured mutual trust funds.
BlackRock, in particular, recorded $2.3 billion in volume during the opening day, according to Bloomberg's data report.
Fees on the new bitcoin ETFs currently sit around 0.2% to 1.5%, while several companies offer to completely waive trading fees for a limited time.
It is expected that the ETF fees will grow in the following months.
Bitcoin ETF Approval Marks Good Year for Cryptocurrency
Many investors see the successful opening day as a sign of the continued recovery of Bitcoin after a year of decline.
Dubbed the "Crypto Winter," 2022 has been hard with the industry as several major crypto markets fall and closed due to controversy. Not to mention, the inflation for materials needed to store the digital currency.
Experts believe 2024 will be the Spring for the currency as access to components eased last year.
Several mutual fund firms have previously expressed concerns about the safety and volatility of digital currency in current cyberspace.
Crypto firms, in turn, promise to improve their cybersecurity and continue adhering to regulators following the issue of Binance and FTX.
Bitcoin Value Spikes Up Ahead of Opening Day Due to Fake SEC Post
A few days before the official opening day, bitcoin value shot for a short time after the US Securities and Exchange Commission posted a fake ETF approval on X (formerly Twitter).
The commission, which regulates the ETF values, had its account hijacked for a short time on Tuesday.
SEC Chair Gary Gensler immediately notified crypto investors that the listing was an "unauthorized post" by an unknown individual and was not approved by the SEC.
The SEC is now under pressure from lawmakers to explain the security breach that led to a false-marketing practice.
Related Article : SEC X Account Hijacked; Posts Fake Bitcoin ETF Approvals
