Bitcoin’s price is on the rise and some are speculating it has something to do with the chances of the approval of a Bitcoin ETF from the US SEC. The US SEC has postponed making a decision about Bitcoin ETFs for months saying it is worried about price manipulation in the crypto market.
Many believe that if the US approves a Bitcoin ETF, institutional money will come to the crypto market in large droves, which will further increase the value of Bitcoin.
Over a dozen companies are waiting for a response regarding their applications for a Bitcoin ETF.
The ProShares Bitcoin Strategy ETF is the one that is closest to receiving an answer as it has a deadline for October 18th.
There’s still a chance the US SEC would approve a Bitcoin futures ETF but not one that keeps track of the Bitcoin spot market.
Eric Balchunas, Bloomberg ETF analyst, declared:
Bitcoin grew by 8% in the previous 24 hours and even managed to reach the $55,000 level.
Ex-banker and crypto trader Alex Kruger commented: