- The SEC is prepared to allow the launching of first US Bitcoin future ETF in what could be a turning point for cryptocurrencies.
- Securities Exchange Commission to support the launch of ETFs, four applications are lined up for October 2021.
- Bitcoin price exploded, touching $60,000, the highest point since April 2021 when it hit an all-time high of $64,869.
- Bloomberg's senior ETF analyst has given over 90% odds of SEC approving at least one futures-backed ETF.
Bitcoin's ETF approval is breaking the internet and helping BTC price stage a massive rally, as the crypto community expects a historic turn of events with SEC's approval.
Bloomberg foresees futures-backed Bitcoin ETF around the corner
Sources close to the Securities & Exchange Commission (SEC) have confirmed the launch of Bitcoin futures backed ETF soon, according to Bloomberg. The SEC is yet to confirm the news, and there are four applications lined up for approval.
Back in 2017, when Bitcoin ETF applications were rejected by the SEC, BTC price plunged by 20% overnight. Cryptocurrency traders around since 2017 warned against the negative impact of rejection on price.
According to Bloomberg, sources close to the regulator have revealed that the SEC is not likely to block products from starting to trade within a week. ETF applications that were rejected in the past by the SEC were different from the recent ones. ProShares and Invesco Ltd. have applied for futures-backed Bitcoin ETFs, and they are filed under mutual fund rules that provide "significant investor protections."
SEC spokesperson and officials at ProShares have not commented or confirmed the same.
Sentiment among crypto traders turned bullish, as Bloomberg's senior ETF analyst gave over 90% odds of the ETF's approval.
In response to the news, BTC price rallied and hit $60,000 for the first time since April 2021. The asset's price hit an all-time high of $64,869 in April.
Crypto institutions have awaited the approval of a Bitcoin ETF for nearly a decade. The $6.7 trillion ETF industry will go through upheaval.
Cameron and Tyler Winklevoss, from the Gemini exchange, are popular for filing the first Bitcoin ETF in 2013. There have been several signs of progress on cryptocurrency ETF approvals over the years. In August 2021, the SEC outright rejected nine proposals in a single day. The response is having an impact on Bitcoin price and volatility.
Holger Zschaepitz, a Senior Editor at the Economic and Financial desk of the German daily Die Welt, commented on Bitcoin-ETF approval.
#Bitcoin tops $60,000 as traders bet the SEC will approve ETF. pic.twitter.com/su8PKqowRu
— Holger Zschaepitz (@Schuldensuehner) October 15, 2021
FXStreet analysts have evaluated the Bitcoin price trend and predicted a rally in the asset if the price crosses $58,500.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.