Near Approval for Bitcoin Exchange Traded Funds (ETF)
SEC (United States Securities Exchange Commission) set October 13 as the deadline for approving bitcoin Exchange Traded funds (ETF) from Bitwise Investment. This move marks an important time in the history of bitcoin’s long term growth. It is worth noting that the digital currency has remained volatile since the beginning of this year.
Experiencing both high and low swings of up to 3%. The coin dropped to an extreme swing by late September, of up to 20% within a single week. Since July, Bitcoin has been facing increasing uncertainty and institutional skepticism. While most people speculated a savior in the newly launched Bakkt futures, the platform hit the road off to a disappointing start.
According to Bitstamp, a cryptocurrency exchange, Bitcoin hit it's 2019 all-time high at $13, 800, before facing a downside trend; that is almost doing at $ 7, 000 at current press time.
Bitcoin Outperforms all Other Assets in 2019
However, the interesting part is that Bitcoin is still 2019’s best-performing asset. All the way to a whopping 123% of the year.
Former CEO of Inside ETFs, Matt Hougan noted that they have never before been so close to a bitcoin ETF approval. Matt is pessimistic that the volatility is anywhere to a stop. Nevertheless, the CEO shares his hope that the prospects of a Bitcoin funded ETF could as well trade as the Bitwise Bitcoin ETF trust.
Hougan stated that:
“Sometime before Monday, the SEC has to give its decision: yes or no. They have no more ways to postpone it at this point. We will hear clearly between now and Monday what they think, and then, depending on what we hear, we’ll go forward from there. But it should be a very exciting week.”
Bitcoin ETF Proponents Withdrew Proposals
Meanwhile, if the approval is successful. The entire Bitwise community will sigh with relief given the journey has been such a long one. Recall that the popular facebook saga twins, Winklevoss, filed for a Bitcoin ETF back in 2013. The twins waged an eventual year-long battle against SEC to approval.
However, the fight ended with disappointment. In fact, in mid-September, VanEck and SolidX pulled back their proposal from SEC for a bitcoin ETF. Additionally, there is Cboe Global Markets that withdrew its ETF application after the government threw a wrench on many issuers’ proposals.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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