The United States witnesses the commencement of pre-market trading for its first-ever Bitcoin exchange-traded funds (ETFs) today (Thursday). BlackRock’s iShares Bitcoin Trust (IBIT) takes the lead, soaring an impressive 22.25% in pre-market trading, Cointelegraph reported, citing data from Yahoo.

Meanwhile, Grayscale’s Bitcoin Trust (GBTC) also entered the pre-market trading with a notable gain of 2%, reflecting the growing interest surrounding these newly approved financial products among investors. With a substantial pre-market volume of $2 million, IBIT’s impressive debut has prompted speculation about BlackRock’s influence in driving this initial surge.

Grayscale’s Bitcoin Trust

Meanwhile, Grayscale’s Bitcoin Trust (GBTC) entered the pre-market trading, highlighting a gain of 2% during the early hours. Listed on the New York Stock Exchange, GBTC adds to the excitement surrounding the launch of Bitcoin ETFs in the US.

The approval of 19b-4 applications from major players such as BlackRock, Grayscale, and others by the US Securities and Exchange Commission (SEC) paved the way for 11 spot Bitcoin ETFs to be listed and traded on public exchanges.

Surprisingly, the price of Bitcoin did not respond much to the official approval of the first-ever spot Bitcoin ETF, maintaining a steady position of around $46,000. In contrast, the fake news about the approval of the funds that surfaced after the SEC’s website was compromised triggered a more significant spike in the price of the digital asset.

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.CryptoCurrencyRead More

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