BlackRock’s spot Bitcoin ETF options listing approved, crypto prices to rise

There is an important update for investors interested in the cryptocurrency market. The US market regulator SEC has approved the listing and trading of options of BlackRock’s Spot Bitcoin ETF.

Approval was received last Friday

According to a Reuters report, the US SEC approved BlackRock’s Spot ETF options on Friday. The listing and trading of options of BlackRock’s Spot exchange traded fund will be done on the tech focused index Nasdaq. For this, the options trading of BlackRock’s iShares Bitcoin Trust has been given the symbol IBIT.

This is how traders will benefit

With this approval, investors of the world’s largest cryptocurrency, Bitcoin, will get an alternative way to hedge. This will benefit institutional investors and Bitcoin traders. This is a development that will prove helpful in bringing the Bitcoin market, including cryptocurrencies, into the mainstream.

A new all-time high was set this year

The SEC had earlier approved the Bitcoin ETF for the first time earlier this year. After the approval of the first Bitcoin ETF, the world’s largest cryptocurrency benefited greatly. After the approval, the price of Bitcoin rose continuously and it touched a record price in May. Along with Bitcoin, other cryptocurrencies also benefited from the rally.

Today’s prices of major cryptocurrencies

Today, in Monday’s trading, the price of most cryptocurrencies is seeing a decline. The price of bitcoin is down by 0.65 percent. At the same time, Ethereum is down by 0.11 percent, Tether by 0.13 percent, Solana by 2.5 percent. On the other hand, the price of Binance is seeing a rise of 2.3 percent. However, the approval of the options of BlackRock’s spot bitcoin ETF by the SEC is considered positive for the crypto market, especially bitcoin, in the long term.

Also read: Bitcoin created history, crossed the milestone of 70 thousand dollars for the first time