Bitcoin (BTC) has been making headlines in the financial world for its potential as a lucrative investment asset. With its decentralized nature and high volatility, Bitcoin has attracted investors and traders from all over the globe. In recent months, the rise of Bitcoin ETFs has made it easier for traditional investors to gain exposure to this digital currency.
Australian cryptocurrency fund manager DigitalX has gotten the green light to list its spot Bitcoin (BTC) exchange-traded fund (ETF) on ASX, the country’s largest and most prominent stock exchange. This will be the second BTC ETF on ASX, following VanEck’s BTC ETF, which launched last month.
According to the data, the DigitalX ETF will trade under the ticker BTXX and will begin trading on Friday. Moreover, DigitalX CEO Lisa Wade announced that their offering will allow Australians to invest in Bitcoin without the need to manage digital wallets, in a cost-effective and secure way.
Will Bitcoin Surge Following the Launch of Australia’s Second Spot BTC ETF?
Yesterday, the Bitcoin’s price dropped below $55,000 but has since recovered to reclaim the $57,300 level, rallying over 3% in the last 24 hours. One factor contributing to the recent market slump is the increased outflows from BTC ETFs.
Moreover, VanEck’s BTC ETF launch in Australia had little impact on BTC’s price. However, the launch of DigitalX’s BTC ETF could potentially reverse this trend if it captures investors and crypto traders interest.
Also Read: Top Crypto Picks for the Bull Run: Coins Set to Rebound the Most
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
