Bitcoin (BTC) Inches Closer to $60,000 On Reports of Bitcoin ETF Not Facing SEC Opposition
Earlier today, October 15, the world’s largest cryptocurrency Bitcoin (BTC) made move to $60,000 levels amid strong suspicion of the Bitcoin ETF approval. As of press time, Bitcoin (BTC) is trading 4.29% up at a price of 459,832 and a market cap of $1.12 trillion.
On Thursday, October 14, the official Twitter handle of SEC Investor Education warned crypto investors stating that “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits”.
This sparked strong speculations in the market that the SEC is gearing up for the approval of the Bitcoin ETF that tracks the Bitcoin futures trading in the market. Back in August, SEC chairman Gary Gensler stated that the securities regulator will be open to approving a Bitcoin ETF that tracks the BTC futures offered by the CME Group.
However, it will be subject to strict regulatory rules as subjected to the mutual funds operating in the country. Hours after the SEC tweeted regarding the matter, Bloomberg released a report stating that the the U.S. SEC won’t act as a resistance in the approval of the upcoming Bitcoin ETF.
The Bloomberg report states: “The Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter. The regulator isn’t likely to block the products from starting to trade next week, said the people, who asked not to be named while discussing the decision”.
The ProShares Bitcoin Strategy ETF is the most likeliest to debut on the NYSE on the coming Tuesday, and experts believe that the SEC won’t object it. While there’s a strong ongoing optimism, one must not forget the fact that the SEC has rejected dozens of Bitcoin ETF proposals in the past.
But an approval by the SEC this time will be a landmark event for the Bitcoin community. This could further trigger high institutional participation in Bitcoin driving the BTC price even higher.
Bitcoin is currently facing a strong resistance at $60,000. A positive news can send it soaring to the all-time high of $64,000 and even higher. However, any rejection from the SEC could see it correcting to $50,000.