Bitcoin ETFs to start trading after US approval

The first exchange traded funds tied to bitcoin are set to start trading in the United States on Thursday after winning controversial regulatory approval in a “watershed” moment for the cryptocurrency industry.

The US Securities and Exchange Commission has cleared applications for the listing of exchange traded funds tracking bitcoin prices from BlackRock, Ark Investments, 21Shares, Fidelity, Invesco and VanEck, among others. After the approval the price of bitcoin rose by more than 2 per cent to $47,136.80.

The ETFs could attract funds from retail and institutional investors of between $50 billion and $100 million this year alone, according to analysts at Standard Chartered, potentially driving the price of bitcoin as high as $100,000.

Yet US regulators are split over whether the move is safe

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