ISTANBUL

The US Securities and Exchange Commission (SEC) on Wednesday approved spot Bitcoin exchange-traded funds, also known as ETFs.

The much-awaited decision will allow investors to trade Bitcoin and cryptocurrencies, which is a highly volatile market.

The price of Bitcoin, the world's biggest cryptocurrency, has been fluctuating wildly in recent days due to fake posts from a compromised SEC social media account.

The SEC's account on X was compromised on Tuesday, leading to an unauthorized post which said that spot Bitcoin ETFs were approved.

The regulator later said it had not yet granted approval of the funds.