Bitcoin and cryptocurrency prices tumbled into October after a terrible September.
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Bitcoin price is now rising for the first time since early September to $ 50,000 per bitcoin, while Ethereum price is approaching $ 3,500 per ether after falling to $ 2,600 last month.
Now speculation is swirling among Bitcoin, Ethereum and cryptocurrency bulls that a long-awaited U.S. Bitcoin Exchange Traded Fund (ETF) could be approved in October – with judgments awaiting a number of ETF applications.
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Bitcoin price skyrocketed this week, driving Ethereum price up and raising expectations … [+]
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“According to the quotes from August 3rd [U.S. Securities and Exchange Commission chairman Gary] Gensler, a futures-based ETF seems highly likely to be approved as of now, so October’s ETF response bonanza could be an exciting time to come, “wrote Vetle Lunde, an analyst at Arcane Research, this week SEC is expected in October, some more are due in November and December.
In early August, Gensler said a Bitcoin futures ETF that complies with the SEC’s strict mutual fund rules could be one avenue for approval. Since 2013, the SEC has rejected several attempts to create a Bitcoin ETF, citing the potential for price manipulation.
“The bitcoin market could heat up anytime soon, caused by the expectations leading to the ETF rulings,” added Lunde, predicting that bitcoin and crypto traders “could try to get ahead if approved stand”.
Meanwhile, the independent research boutique Fundstrat found this week that Gensler appears to be open to the idea of a Bitcoin futures ETF and such a fund may attract more attention than the lackluster interest in an existing Bitcoin mutual fund.
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Bitcoin price rose until early 2021 but has been trading sideways since March. miscellaneous … [+]
“The bigger point here is that it probably doesn’t matter how much capital goes into these futures-based ETFs as long as the spot market for bitcoin gets a boost from the improved sentiment,” wrote Fundstrat analysts, adding Bitcoin, Ethereum and crypto added. Bears begin to hibernate in the fall. “
“Any short-term sale is an opportunity to buy as we expect a high-risk environment by the end of the year,” the note reads.
Fundstrat’s research director Tom Lee previously predicted that bitcoin price will soon hit $ 100,000, a level cited by a number of other bitcoin and cryptocurrency market watchers.
“We strongly believe that any short term sale is an opportunity to increase one’s position as we continue to expect a risky environment through the end of the year that will see both Bitcoin and Ethereum run to all-time highs. “Read Fundstrat’s report.