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Business Live updates Good morning from the Standard City Desk. The US Securities and Exchange Commission approved 11 Bitcoin-spot exchange-traded funds last night in a major advance for crypto adoption. The move allows retail investors access to cryptocurrencies without having to hold them directly. A number of firms on the approved list say they plan to launch the ETFs as soon as tomorrow. Rajeev Bamra, SVP, Digital Finance, Moody’s Investors Service, said: "The approval of spot bitcoin ETFs by the SEC has the potential to simplify and secure Bitcoin investments for a broader investor base, which may reshape the dynamics of cryptocurrency investments. "It could lead to substantial inflows from institutions interested in entering the cryptocurrency market as it may provide a reliable and transparent price discovery mechanism. This could result in a more stable and liquid crypto market, representing a positive development for the digital finance ecosystem." Bitcoin prices nudged up to around $47,000 on the back of the news. Elsewhere, Bank of England governor Andrew Bailey seemed less bullish on crypto, complaining that 'inefficient' Bitcoin was ‘not taking off’ as a financial service . Here's a summary of our other top stories from yesterday: MORE ABOUT Have your say... 88,083 34,296 27,454 25,872 22,943
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