Bitcoin Is Growing Thanks to Rumors SEC Will Approve Bitcoin ETF in Two Weeks

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:

“The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”

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:

“If it passes, it will be a futures. It is not a rumour—some strongly believe it will be approved. It would be a horrible product ironically: the SEC is still concerned about market manipulation and lack of agreements with exchanges to provide them with visibility. They have always been so, and that hasn’t changed.”

Source: Decrypt.co

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