Originally published on: August 30, 2024
24X National Exchange has recently submitted an amended application to regulators in the United States, introducing a groundbreaking proposal that could revolutionize the world of cryptocurrency exchange-traded funds (ETFs). The filing outlines plans for a securities exchange that aims to facilitate round-the-clock trading for investors, potentially operating 23 hours a day, seven days a week, and 365 days a year, including holidays, subject to specific trading pauses.
Expanding Trading Hours for Cryptocurrency ETFs
If successful in its bid to establish itself as a national securities exchange, 24X aims to extend trading hours beyond the traditional market schedule. Notably, this initiative could open up trading opportunities for a wide range of US-listed securities, including those in popular indexes such as the Nasdaq-100, S&P 500, Russell 2000, and the top 50 exchange-traded funds by average daily volume.
Furthermore, the proposal by 24X paves the way for enhanced accessibility and flexibility for investors, enabling real-time trading activities that cater to the needs of both local and international market participants. This game-changing development could potentially reshape the landscape of cryptocurrency trading and investment strategies in the US.
Key Players in the Crypto ETF Market
Among the most actively traded ETFs in the current market landscape is Blackrock’s iShares Bitcoin Trust (IBIT), a prominent player ranking 16th in terms of daily trading volume. Concurrently, the ProShares Bitcoin Strategy ETF (BITO) and Fidelity Wise Origin Bitcoin Fund (FBTC) also boast significant trade volumes, underscoring the growing interest in cryptocurrency-based investment opportunities.
Regulatory Hurdles and Market Potential
While the proposal by 24X holds immense promise, it has yet to receive approval from the Securities and Exchange Commission (SEC). Recent public feedback, primarily focusing on operational aspects like trading pauses and stress testing during prolonged trading sessions, highlights the need for careful consideration and regulatory oversight in transforming the industry.
Enhancing Investor Participation and Market Accessibility
The potential extension of trading hours could redefine investment practices and enhance investor engagement, catering to a diverse range of market participants. With the ability to facilitate real-time trading for global investors and domestic retail investors with hectic schedules, the proposed initiative aligns with the evolving needs of the modern financial landscape.
In Conclusion
The filing by 24X National Exchange signifies a bold step towards redefining the trading dynamics of cryptocurrency ETFs in the US market. As the industry awaits further developments and regulatory decisions, the potential for 24/7 trading capabilities could unlock new opportunities and drive significant innovation in the realm of digital asset investments.
Explore more: Cryptocurrency enthusiasts are closely watching the evolving intersection of Bitcoin and global financial markets since the emergence of Bitcoin ’24, amid rising market uncertainties and evolving investor sentiments.
