- The Australian Securities and Investments Commission has approved Bitcoin spot exchange-traded funds.
- The corporate regulator has provided new guidelines and drafted regulatory requirements for funds planning to offer Bitcoin ETFs.
- Investors in the US are awaiting the approval of a Bitcoin spot ETF.
- Analysts predict a second leg up in the BTC price rally, set a target at $70,000.
While investors and traders await the launch of a Bitcoin spot ETF in the US, ASIC has approved the fund. On October 29, the regulator released a set of requirements for funds looking to offer a Bitcoin spot ETF.
Bitcoin ETF approval likely to trigger another price rally
Australian Securities and Investments Commission (ASIC) has responded to the public consultation on crypto ETFs with fresh industry guidance.
ASIC released a set of regulatory requirements for exchange-traded funds (ETFs) and structured products after three months of deliberation. ETPs based on Bitcoin and Ethereum have received the green light, while investors await approval for more crypto assets in the future.
On October 29, ASIC announced,
As at October 2021, Bitcoin and Ether appear likely to satisfy all five factors identified above to determine appropriate underlying assets for an ETP. We expect the range of non-financial product crypto-assets that can satisfy these factors will expand over time.
The world’s first approved Bitcoin ETF was Purpose Group’s fund in Canada. ProShares Bitcoin ETF was approved by US SEC, offering BTC a ten times larger market than Canada. With the latest Bitcoin spot ETF launch, the cryptocurrency product is now mainstream and ready for investors.
Regulated BTC investment opportunity has opened up more avenues for institutional investors, increasing capital inflow to Bitcoin.
Analysts expect the BTC price to recover from the recent drop. @TheBirbNest, a cryptocurrency analyst and YouTuber, has predicted BTC price rally to $70,000 based on his technical analysis.
FXStreet analysts have evaluated the BTC price trend and expect a drop to $53,000 as Bitcoin presents a buying opportunity before it resumes an upward climb.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows
Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant. Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.
Chainlink poised for a rally as whales buy the dips
Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.