On January 10, the U.S. Securities and Exchange Commission (SEC), approved 11 spot Bitcoin exchange-traded funds (ETFs) including BlackRock, ARK 21 Shares, Fidelity, Invesco, and VanEck. The BTC ETFs were first proposed in 2013. In 2023, Bitcoin saw a whopping 154 per cent surge in anticipation of the BTC ETF announcement. The BTC price stood at USD16,619.10 on January 1, 2023, while closing the year at USD 42,152.10. The Bitcoin price rose to the high of USD 46,995.10 in the month of January and is patterned to trade above USD 40,000. Crypto experts anticipate that Bitcoin must stick to the current level and above to touch the USD 60,000 mark by the year-end.
WHAT ARE SPOT BITCOIN ETFS?
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