Apr 08, 2024 08:57 PM
OPINION
Commentary: Warnings Mount Over Novel Bitcoin ETFs That Have Taken the U.S. by Storm
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Bitcoin’s total market value hit $1.35 trillion on March 5, making it the eighth largest asset in the world by that measure, briefly surpassing silver. Photo: AI generated
In January, the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of 11 spot Bitcoin exchange-traded funds (ETFs), a product that attracted approximately $10 billion in net inflows within just two months. In contrast, the first gold ETF took three years to draw in that amount.
The price of Bitcoin jumped following the approval, taking its total market value to $1.35 trillion on March 5, briefly surpassing silver and placing Bitcoin eighth among assets in terms of global market value.
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