News

The First Bitcoin ETFs Have Been Approved By US Regulators

The move takes cryptocurrencies a step further towards full Wall Street integration.

Published

10 months ago

January 11, 2024

the first bitcoin etfs have been approved by us regulators

Fifteen years following the mining of the genesis block, the US Securities and Exchange Commission (SEC) has granted approval for Bitcoin exchange-traded funds (ETFs). The ruling marks a significant milestone in Bitcoin’s integration into the traditional financial system it once aimed to challenge. The decision paves the way for the availability of 11 spot Bitcoin ETFs to investors, including those offered by Grayscale, Fidelity, and BlackRock, among others.

Gary Gensler, the SEC chairman, clarified the approval by stating, “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto”.

For a decade, the SEC consistently rejected proposals for Bitcoin ETFs, which essentially function like bundles of assets, similar to mutual funds but tradable on exchanges. The commission regularly cited investment safety concerns, but now approval has been granted, new investors won’t need to set up individual wallets to trade Bitcoin, making it more accessible.

This development has generated considerable excitement among cryptocurrency enthusiasts, as ETF-issuing companies will be required to acquire corresponding amounts of Bitcoin to back their funds. Interestingly, the immediate impact on Bitcoin’s price was minimal, but in the long run, the introduction of a Bitcoin ETF is anticipated to facilitate the entry of traditional institutional investors into the cryptocurrency realm. This could include pension and insurance funds, leading to increased demand for Bitcoin.

Also Read: Non-Fungible Tokens: A Beginner’s Guide To Getting Started With NFTs

Until now, investors seeking exposure to cryptocurrency often invested in shares of crypto-centric companies such as Coinbase and MicroStrategy, the latter holding over $8 billion in Bitcoin as of January. The emergence of a Bitcoin ETF could potentially affect the valuation of these companies.

It’s important to mention that a false announcement briefly circulated on the SEC’s Twitter/X account on Tuesday, falsely claiming approval of Bitcoin ETFs, which caused some confusion.

News

HiFuture Wraps Up Successful GITEX GLOBAL 2024 Appearance

The electronics company wowed audiences at the world’s largest tech event with a range of wearable and smart audio devices.

Published

1 day ago

October 21, 2024

Nour Nasir

hifuture wraps up successful gitex global 2024 appearance

This year’s GITEX GLOBAL 2024 in Dubai saw a huge number of startups, electronics firms, and innovators from around the globe gather for the tech sector’s largest event of its kind. One company making waves at this year’s expo was Chinese tech group HiFuture, which showcased a range of products with a focus on wearable technology and smart audio.

At the HiFuture booth, the company captivated attendees with cutting-edge smartwatches like the ACTIVE and AURORA, along with a range of powerful wireless speakers, earbuds, and even smart rings. Visitors were eager to check out the sleek new designs on offer and even had the chance to test out some of the products themselves.

hifuture gitex global 2024 dubai

Among the highlights were smartwatches combining dual-core processors with customizable options. The devices blended style and technology, offering health monitoring capabilities, personalized watch faces, and advanced AI-driven functionalities, giving attendees a taste of the future of wearable technology.

On the audio front, HiFuture’s wireless speakers left a lasting impression, offering rich, immersive sound in compact, portable designs. These speakers cater to both intimate gatherings and larger celebrations, offering versatility for users. Meanwhile, the company also showed off its Syntra AI technology, which it claims “revolutionizes health and fitness tracking by combining advanced optical sensors with intelligent algorithms for precise, real-time insights”.

Also Read: How (And Why) To Start A Tech Business In Dubai

The presence of HiFuture’s leadership team at GITEX 2024 underscored the importance of this event for the company, with CEO Levin Liu leading a team of executives, all keen to engage with attendees and offer insights into HiFuture’s vision, product development process, and future direction.

Overall, it seems that GITEX GLOBAL 2024 has been a rewarding experience for HiFuture. The enthusiasm and curiosity of attendees shown to the company’s diverse range of products was obvious, with the HiFuture team leaving on a high note and clearly excited and motivated by the event.