Securities and Exchange Commission USA is set to allow the first Bitcoin ETF (Exchange-traded fund) to go live. At the moment there are around 40 files that are currently being reviewed by SEC. According to different reports it is stated that the SEC is going to allow the ETF’s to go live.
According to Bloomberg Proshares and Ivesco had filed for ETF and chances are that they would be approved and launched in the coming weeks. This is a historical achievement for the cryptocurrency as this is probably the start of new chapter for the market.
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ETF (Exchange-traded funded) is a kind of security that can be indexed that has pinged to any asset, commodity which can be sold and purchased just like a regular stock. ETF is going to allow the trade of bitcoin just as a regular stock. As a result it is going to allow huge amount of exposure to the market. It can be expected that massive influx of money will happen.
Recently a tweet by SEC also brought attention to the Bitcoin futures potentially warning the investor about the risk of investing in a fund that holds Btc future contracts:
“Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits. Check out our Investor Bulletin to learn more: https://go.usa.gov/x68xT“
The tweet gained the attention of traders and was brought to the front. As soon as the speculations for the ETF came, bitcoin shot up from the $60k price to touch $63k in moments.
Current and Predicted Future Movement
At the time of writing Btc stands at the price of $60.8k. Overall it is standing at the same price it was yesterday. Btc at the moment has a dominance of 46.51%. After the news of ETF traders began speculating the new top for Btc. With Btc only a fractions away from its ATH, people began speculating it to go into price discovery. A lot of people are expecting for Btc to go around $75k and some people who are highly bullish and yet still a realistic approach stop at $85k. While some who are super bullish (which I am not buying) are calling for $200k.
The 2017 Btc Future launch
Reminder: After the launch of Bitcoin future in 2017, Bitcoin crashed 70%. So on the other hand a portion of traders are quite skeptical about the launch of ETF and are waiting for this whole scenario to calm down before taking an entry.