Is the SEC finally bowing to investor pressure? The green light for Bitcoin ETF is likely to be imminent.
It took a long time, now the time has finally come. The first Bitcoin ETF could already be launched in the USA today. That goes out of one revised prospectus from ProShares out that the US Securities and Exchange Commission (SEC) is available. Even if the stock exchange supervisory authority Bitcoin Strategy ETF (BITO) has not yet formally approved the updated version of the prospectus as a strong signal that trading will start soon. Strictly speaking, it is the financial product of ProShares an ETF that is tied to Bitcoin futures contracts and does not directly reflect the price of the crypto currency.
Still, that would mark a historic step. In the past four years, numerous financial service providers submitted applications for Bitcoin ETFs to the SEC a. The exchange supervisory authority rejected these requests at least as often. However, due to the rapid developments in the crypto sector in recent months, the authority came under increasing pressure. Not only did the number of domestic investment companies that use the SEC asked for the approval of their BTC products, and the Bitcoin ETF approvals from financial authorities in Canada and Brazil increasingly caused impatience in the crypto space.
Another ETF shortly before approval
So now the most powerful regulator in the world is apparently bowing to the will of investors. But not without emphasizing the risks of investing in the newly created asset class:
Nevertheless, the approval holds enormous potential for the crypto space in the form of further institutional investors. Due to the regulatory framework, the inhibition threshold for an investment should now be significantly lower. In addition, the approval periods for other Bitcoin ETF products will soon run VanEck and Valkyrie the end. For the latter, there was already support from the on Friday Nasdaq.
Bitcoin on the way to an all-time high
The bullish news from overseas consequently also have an impact on the crypto security. In the early hours of the morning, Bitcoin recorded its highest level in the past 90 days (US $ 62,757). At the time of going to press, the digital store of value was trading at $ 62,427, up 2.5 percent. As a result, it’s only a short hop to the all-time high of $ 64,863. The sentiment is correspondingly optimistic in the form of the Bitcoin Fear & Greed Index. The mood barometer has been on “extreme greed” again since the weekend.
The altcoin sector, on the other hand, can hardly benefit from the news. Only Dogecoin, Polkadot and the Binance Record coin gains (0.9 to 3.3 percent). Among the top 100, Stacks (STX) is the winner of the day with an increase of 21.4 percent.