Given how it has taken just two days to bounce back from a brief dip to $54,700, excitement is building that a new record price could be imminent for BTC.
Monday is shaping up to be an especially significant day for the crypto markets, as this is when the U.S. Securities and Exchange Commission is due to decide whether to approve a futures-based Bitcoin ETF.
The regulatory body raised eyebrows on Thursday when it tweeted about the “potential risks and benefits” associated with investing in such a fund, regarded by some as a precursor to what the decision will be.
According to Bloomberg, unnamed sources says the SEC is not likely to block the ProShares Bitcoin Strategy ETF — a “watershed moment” that would allow institutional investors to get indirect exposure to this digital asset.
SEC Chairman Gary Gensler is said to believe that ProShares’ proposal provides “significant investor protections” because of the mutual fund rules that it has been filed under.
Phoenix_Ash3s, who writes technical analysis for CoinMarketCap Alexandria, summed up his perspective on the current market in a tweet, writing:
The U.S. is lagging behind others in the race to launch crypto-related ETFs, as they have already been launched in Canada and Europe.
A decision by the SEC on physically backed Bitcoin ETFs isn’t expected until later this year — and even then, further delays are possible.