Bitcoin Bounces Back: Could reach Record High By End of 2021

Must Read

Indian Marketers To Invest More On Social Media In 2013: 52% Focus On Customer Acquisition [Report]

Majority of e-Marketers are focusing on Customer Acquisition via Social Media in 2013, according to a latest e-Marketing research...

Are You A Gaming Geek: ‘Five Commandments’ Before You Buy Video Games Online !

Does your day start with joysticks instead of coffee mugs? Or as a kid your best friends were the...

Apple Inc. (AAPL) 5.5 Inch Screen iPhone 6 Could Be A Game Changer: Rumors Claims 5.7-Inch iPhone 6C

Apple Inc. (NASDAQ:AAPL) looks set to release iPhone 6 with a 4.7 inch screen in September this year. Mass production for...

The value of Bitcoin touched a six-month high on Friday as traders were more confident that U.S. regulators will approve the launch of an exchange-traded fund based upon its futures contracts.

The world’s largest cryptocurrency recorded an appreciation of nearly 4% to $59,664, making it reach the highest level in the last six months. It is now close to April’s record of $64,895 and has nearly doubled its value.

Barely four months ago the crash in the cryptocurrency market impacted Bitcoin the most. Its value tanked below $40,000 triggering debate over the future prospects of Bitcoin.

Advertisements

Bloomberg News reported that the U.S. Securities and Exchange Commission is ready to allow the first U.S. Bitcoin futures ETF to trade next week. This was according to people familiar with the matter.

Ben Caselin, Head of strategy and research at Asia-based cryptocurrency exchange AAX, didn’t find bitcoin’s recent spike to $59,000 much surprising. He explains that it’s mainly due to the fact that long-term investors have been accumulating it for a while.

He stated that it was widely believed that Q4 would see significant progress in relation to a Bitcoin ETF in the U.S.

A tweet from the SEC’s investor education office, he stated, also spurred Friday’s actions.

Investors in the cryptocurrency market have been waiting for approval of the first national bitcoin ETF. Some of bitcoin’s recent rally has been in anticipation of this move and how it might speed up mainstream adoption.

Advertisements

Many fund managers have applied for the launch of bitcoin ETFs in America, including ProShares, Invesco, and Valkyrie, as well as VanEck Bitcoin Trust, ProShares, and Invesco. This year, cryptocurrency ETFs were launched in Canada and Europe.

Gary Gensler, SEC Chair, has stated previously that the crypto market includes many tokens that may not be registered securities. This leaves prices vulnerable to manipulation and millions of investors exposed to risk.

According to Bloomberg, ProShares and Invesco’s proposals were based on futures contracts. They were filed under mutual funds rules Gensler stated provide “significant investor protections”.

Investors’ resistance towards Bitcoin is slowly softening after getting influenced by the strongly-worded statement from the governor of the Bank of England, Andrew Bailey. He advises investors not to get influenced by the rally in the cryptocurrency market. In fact, another report from JP Morgan highlights that a majority of investors believe that Cryptocurrency is as dangerous as rat poison.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

The Future of Apple MacBook Pro M1 Seems To Be In Question

If you're thinking of buying a new MacBook Pro with M1 chipset then stop and give this article a...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This