• The SEC is prepared to allow the launching of first US Bitcoin future ETF in what could be a turning point for cryptocurrencies. 
  • Securities Exchange Commission to support the launch of ETFs, four applications are lined up for October 2021. 
  • Bitcoin price exploded, touching $60,000, the highest point since April 2021 when it hit an all-time high of $64,869. 
  • Bloomberg's senior ETF analyst has given over 90% odds of SEC approving at least one futures-backed ETF. 

Bitcoin's ETF approval is breaking the internet and helping BTC price stage a massive rally, as the crypto community expects a historic turn of events with SEC's approval. 

Bloomberg foresees futures-backed Bitcoin ETF around the corner

Sources close to the Securities & Exchange Commission (SEC) have confirmed the launch of Bitcoin futures backed ETF soon, according to Bloomberg. The SEC is yet to confirm the news, and there are four applications lined up for approval. 

Back in 2017, when Bitcoin ETF applications were rejected by the SEC, BTC price plunged by 20% overnight. Cryptocurrency traders around since 2017 warned against the negative impact of rejection on price. 

According to Bloomberg, sources close to the regulator have revealed that the SEC is not likely to block products from starting to trade within a week. ETF applications that were rejected in the past by the SEC were different from the recent ones. ProShares and Invesco Ltd. have applied for futures-backed Bitcoin ETFs, and they are filed under mutual fund rules that provide "significant investor protections."

SEC spokesperson and officials at ProShares have not commented or confirmed the same. 

Sentiment among crypto traders turned bullish, as Bloomberg's senior ETF analyst gave over 90% odds of the ETF's approval. 

In response to the news, BTC price rallied and hit $60,000 for the first time since April 2021. The asset's price hit an all-time high of $64,869 in April. 

Crypto institutions have awaited the approval of a Bitcoin ETF for nearly a decade. The $6.7 trillion ETF industry will go through upheaval. 

Cameron and Tyler Winklevoss, from  the Gemini exchange, are popular for filing the first Bitcoin ETF in 2013. There have been several signs of progress on cryptocurrency ETF approvals over the years. In August 2021, the SEC outright rejected nine proposals in a single day. The response is having an impact on Bitcoin price and volatility. 

Holger Zschaepitz, a Senior Editor at the Economic and Financial desk of the German daily Die Welt, commented on Bitcoin-ETF approval.

FXStreet analysts have evaluated the Bitcoin price trend and predicted a rally in the asset if the price crosses $58,500.

 

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