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Bitcoin Rallies to $49K as Canada Approves First Bitcoin ETF

Bitcoin on Sunday morning hit a new high of $49,716.44 a 6.2% rise from Saturday’s price range. This came after a week of positive developments regarding increased Wall Street acceptance of the leading cryptocurrency according to market value

While there does not seem to be any specific reason for the move, the record comes when there has been a growing interest in the digital currency.

Canada Approves First Bitcoin ETF

The first bitcoin exchange-traded fund has also been approved in North America by Canada’s securities regulator, a move some commenters see as opening the door for the U.S. to follow as it has been hesitant to approve a bitcoin ETF product, which tracks the price of bitcoin and is traded on a stock exchange.

The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency.

Bitcoin Fund Chart
Bitcoin Fund Trading Prices

The securities have said that its fund will be the first to invest directly in the cryptocurrency based on financial support and not on derivatives, which allows investors to efficiently and effectively access the emerging asset class of electronic currencies without the risks associated with digital wallets.

In recent weeks, several Canadian and US companies have made initial offers to the Ontario Securities Commission and the US Securities and Exchange Commission for stock listings.

Growing Support For Bitcoin

Recently, Master Card the credit giant company announced plans to give its vendors the option to receive payments in cryptocurrencies later in the year.

Earlier last month, electric car maker Tesla also invested in 1.5 billion in the cryptocurrency.

Morgan Stanley, an American multinational investment bank and financial services company worth $150 billion, is also considering placing a bet on the digital currency.

Read also; World’s Largest Asset Manager Allows Two of its Funds to Invest in Bitcoin Futures.



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