Bitcoin Retreats From 2-Year High on First Day of ETF Trading
- SEC approved the funds after US markets closed on Wednesday
- Over $4.6 billion has changed hands in early trading of ETFs
This article is for subscribers only.
Bitcoin pared gains after surging past $49,000 for the first time since December 2021 with trading commencing for the first US exchange-traded funds that invest directly in the biggest cryptocurrency.
The token had advanced as much as 6.7% to $49,021, buoyed by the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission after markets closed on Wednesday. It was recently trading at around $46,300. Most smaller tokens, such as Ether, Cardano and Polkadot were higher.