Bitcoin price rose sharply again. After new exchange products are approved, the price continues to rise.
Bitcoin traded above $49,000 on Thursday, the highest price since December 2021, according to Bloomberg.
During the afternoon, prices of most things rose by about seven percent.
This rise comes after the US Financial Supervision Commission (SEC) decided yesterday to approve a number of Bitcoin products traded on the stock exchange.
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The US Financial Conduct Authority confirms: approval for trading in a range of Bitcoin products
This means that the so-called Bitcoin ETFsBitcoin ETFsAn exchange-traded fund (ETF) is a collection of securities. ETFs are traded in the same way as stocks. It can now be listed and traded on Wall Street. An exchange-traded fund (ETF) is a collection of securities that can be traded in the same way as stocks.
Much more investors can now buy bitcoin in an easy and accessible way, says Michael Savai, Partner at Dexterity Capital at Bloomberg.
Bitcoin has soared recently following ongoing speculation that the exchange's products will eventually be approved.
Skeptical censorship resulted
The approval represents a major milestone for Bitcoin bulls. A total of eleven funds received approval, Bloomberg wrote.
The US Financial Regulatory Authority has been a vocal opponent of cryptocurrencies for years.
According to CNBC, cryptocurrency manager Grayscale won in court against the Securities and Exchange Commission in August after the latter refused to launch an exchange-traded bitcoin product.
On Wednesday, the SEC's approval came a day after there was complete confusion when the SEC's X account (formerly Twitter) posted a message in which they wrote that Bitcoin ETFs had been approved.
Shortly after, SEC Chairman Gary Gensler refuted the report, saying that X's account had been hacked.
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