Bitcoin has overtaken $8,000, rising by some $500 again today to a recent high of $8,300 from $7,700. That’s after it rose by $500 yesterday from $7,300.
Its trading volumes are up to $6.7 billion, with the dollar pair leading, followed by Korea and Japan’s bitFlyer which has handled $100 million in the past 24 hours.
The oldest cryptocurrency has been in an uptrend for now much of this month, with the latest excuse for it being the bitcoin ETF.
The very unreliable ZeroHedge claims their anonymous sources have said the approval of a bitcoin ETF is “nearly certain.”
We here at trustnodes are not sure at all, let alone anywhere near certain, with the cited claim above lacking any indication of credibility.
Yet, who is to know. SEC may well approve this time after they made some changes to the approval process at least for some ETFs which sort of amounts to CFTC’s self-certification rules.
That is, there is a comment period and then it is sort of automatically approved, with SEC stating at the end of June:
“ETFs that satisfy certain conditions would be able to operate within the scope of the Investment Company Act of 1940 and to come to market without applying for individual exemptive orders.
The proposal would therefore facilitate greater competition and innovation in the ETF marketplace, leading to more choice for investors.”
If the ETF is approved then there would be far greater access to the bitcoin market as a lot of restrictions on investments for pension/institutional funds would be lifted.
Other ETFs would probably soon follow if it does go through, especially ethereum, with potentially every shade of crypto ETF floating around Nasdaq, NYSE or wherever else.
Such ETF would be cryptos’ full entry into traditional markets, with the old and new thus bridged, the anticipation of which is at least in part leading the crypto market to rise now to above $300 billion.
Pretty much everything has turned upwards today with green all around. Even eth, which was lagging, has risen some to now potentially eye $520 again.
Whether it will near it, is to be seen, but there is some hope around it seems after months and months of downwards action.