Alternative Investments/Digital: Bitcoin Spikes In Anticipation Of SEC’s Clearance Of Bitcoin ETF
Bitcoin is flirting with $60,000, a key price resistance.
Bitcoin, the leading cryptocurrency, is within handshaking distance of its April all-time high of $64,895 after spiking over the last 24 hours on rising market expectations of an imminent SEC approval for a futures-based bitcoin ETF. (Financial Review)
Bitcoin broke down below US$30,000 in late July, and since then, has nearly doubled.
According to people familiar with the matter, in what could be a landmark moment for the crypto industry, the SEC is close to green-lighting the first-ever US bitcoin futures ETF.
The futures-based bitcoin ETFs could even commence trading as early as next week, the sources said.
In August, SEC Chair Gary Gensler indicated that he would support ETFs based on CME-traded bitcoin futures filed under a 1940s law that governs mutual funds. That led to a spate of filings for bitcoin futures ETFs.
On Thursday, the SEC added fuel to fire by tweeting: “Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”
The tweet exhorted people to check out an investor bulletin jointed published in June by the SEC’s Office of Investor Education and Advocacy and the Commodity Futures Trading Commission’s (CFTC’s) Office of Customer Education and Outreach.
The bulletin advises investors to assess carefully the risks and benefits of investing in a fund exposed to the bitcoin futures market.
Referring to the SEC’s advice, Bloomberg’s senior ETF analyst, Eric Balchunas tweeted: “Getting closer: The SEC just tweeted out an edu bulletin they wrote back in June re bitcoin futures and ‘funds that hold bitcoin futures.’ Clearly good sign and we [are] upping our odds to 85%.”
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