On October 16, Cointelegraph briefly sparked a Bitcoin frenzy by reporting the SEC’s nod to a Bitcoin ETF, pushing the cryptocurrency past $30,000 . However, the post mysteriously vanished soon after, as both the SEC and BlackRock denied the news, leaving investors in suspense. After a rollercoaster ride, Bitcoin wrapped up the day above $28,000, having kicked off the week at $27,150.
There is growing optimism that the SEC will approve a spot Bitcoin ETF in the coming months. JPMorgan recently stated that they believe the approval is very likely to happen soon. Grayscale, a prominent cryptocurrency investment firm, has been actively engaging with the SEC in an effort to gain approval for their Bitcoin ETF.
Crypto investor Michael Novogratz has also expressed his optimism, stating that he expects the SEC to approve a Bitcoin ETF this year. The approval of a Bitcoin ETF would be a significant milestone for the cryptocurrency industry, as it would provide mainstream investors with easier access to Bitcoin.
While the race for the first Bitcoin ETF approval continues, it’s important to remember that the SEC has raised concerns about market manipulation and investor protection. The SEC has previously approved futures-based Bitcoin ETFs but has yet to approve a spot Bitcoin ETF.
As the discussions and debates around Bitcoin ETF approval continue, the cryptocurrency market remains on pause, with many investors eagerly awaiting the SEC’s decision.
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