Bitcoin Price Hits Lowest Level in 5 Weeks, What's Up?

Previously, Australia's largest stock exchange, the Australian Securities Exchange (ASX), had approved its first spot Bitcoin ETF, which will begin trading on June 20. An ETF called VanEck Bitcoin ETF (VBTC), issued by investment firm VanEck, will be the first to trade.

This approval comes after VanEck's recent success in the United States, where the company launched the VanEck Bitcoin Trust (HODL), a spot Bitcoin ETF, on January 11.

VanEck CEO for the Asia-Pacific region, Arian Neiron, stressed the importance of the growing demand for Bitcoin exposure in Australia, especially through regulated and transparent investment vehicles.

“We realize Bitcoin is a new asset class that many advisors and investors want to access,” said Neiron, quoted by Yahoo Finance, Tuesday (18/6/2024).

Neiron added that VBTC also makes Bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary.

VBTC's approval marks a significant milestone as it is the first spot Bitcoin ETF to be approved by the ASX. However, this is not the first Bitcoin ETF to launch in Australia. Over the past two years, there have been two other Bitcoin ETFs introduced in the country.

The first Bitcoin ETF to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022.

Recently, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on June 4 in Australia's second largest stock. exchange, Australian Cboe exchange. Previous launches demonstrated growing acceptance and interest in Bitcoin investment products in the Australian market.