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Bitcoin Spikes to $59K on Bloomberg Report About SEC Approving First Bitcoin ETF in US

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Fri, 10/15/2021 - 03:26
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Alex Dovbnya
The launch of a Bitcoin ETF in the U.S. is almost a "done deal," according to analysts
Bitcoin Spikes to $59K on Bloomberg Report About SEC Approving First Bitcoin ETF in US
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The price of Bitcoin has spiked to a multi-month high of $59,459 on the Bitstmamp exchange after Bloomberg reported that the U.S. Securities and Exchange Commission didn't oppose the launch of a futures-based Bitcoin exchange-traded fund in the U.S.

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The media outlet cites multiple sources familiar with the matter.

ProShares Bitcoin Strategy ETF, the very first ETF in the line, is now expected to start trading as early as next week.

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ETF analyst Eric Balchunas believes that the probability of the SEC approving such a product has now gone up to 90 percent, but he's not ready to "close the case."

Like I said tho until these little F-ers (ETFs) are literally trading on the exchange I’m not ready to close this case. But odds now over 90% IMO.

The approval would mark a significant milestone for the industry that has been attempting to launch a Bitcoin ETF since 2013 without any luck

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.