Bitcoin

SEC is expected to allow trading in Bitcoin Futures ETFs next week:

According to sources from financial media giant Bloomberg, the long wait for an exchange-traded Bitcoin product could soon be over.

Citing “people familiar with the matter”, Bloomberg reported that the US Securities and Exchange Commission is about to approve the country’s first Bitcoin futures exchange-traded funds.

Anonymous sources said:

“The regulator is unlikely to be blocking products that start trading next week.”

Futures products are likely to be the first to be approved as they are priced more cheaply by regulators. Futures contracts are operated by the Chicago Mercantile Exchange (CME) and require investors to deposit cash on margin in order to trade.

Bloomberg Senior ETF Analyst Eric Balchunas is confident that the ProShares Bitcoin Strategy ETF could be the first to hit the market as the deadline for a decision is October 18th.

In a tweet on October 15, the analyst said, “Jobs are pretty decent. Expect to start next week, “before you add” current IMO odds are over 90%. “

https://twitter.com/EricBalchunas/status/1448838618798346243?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

SEC chairman Gary Gensler has expressed support for CME-traded bitcoin futures-based funds filed under 1940s law, adding weight to the potential for a long-awaited approval.

Related: SEC chairman Gary Gensler is really a bitcoin supporter, argues Volt Equity CEO

14, reported to Cointelegraph that Ark Invest has partnered with 21Shares to apply for an ETF that will trade Bitcoin futures, suggesting it also believes that product approval is imminent.

The VanEck and Valkyrie ETF filing deadline is also approaching October 25th, so a wide range of applications are likely to go public in the coming weeks.

Monday October 18th could be an important day for Bitcoin price as the market simmers in anticipation of this landmark event. At the time of writing, BTC had just risen to $ 59,600 before falling slightly, according to CoinGecko.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.