Experts Predict Bull Run Following Bitcoin ETF Approval
The US Securities and Exchange Commission is currently keeping expectations high in terms of possibly approving the first BTC exchange-traded fund in the world within the next few months, although separate reports have indicated that another delay until September maybe possible. If an ETF is indeed approved by the SEC, experts state that it could ignite a massive bull run within the market.
ETF-Inspire Bull Run
The end of last year’s cryptocurrency bull run was in part due to circulating rumors that both, the CME and CBOE, would begin providing BTC futures contracts. At the time, Bitcoin surged to its all-time record high of $20000 from a steep low of $4000. Ever since the previous run, the currency has continued dropping, with over 65 percent loss in value. Bitcoin is currently trading for $7900 press time.
As of now, the community is portraying a positive outlook regarding the possible approval of the BTC ETF. Exchange-traded funds act as stocks and can be traded while monitoring an asset and its activity. Many previous ETFs have been disapproved previously by the US watchdog. Several applications for a BTC ETF were denied over the years and regulators have attributed the cause due to the lack of regulations on the market and the unpredictable and heavily risky market should an application had been approved.
The latest attempt at a Bitcoin ETF is displaying a heavily supportive and enthusiastic hype as rumors point to a most likely approval by the SCE as a new condition that one must own over $200K to place their funds within an ETF.
As a joint application by VanEck and SolidX, many experts within the community and including the CBOE believe that the latest application has fulfilled all mandatory requirements. Should the ETF finally receive its approval, this will permit several major business companies to begin deploying funds into crypto.
It will also contribute to more recognition and introduction to cryptocurrency markets under clear and operational regulations. As a result, should the application succeed, a prominent and grand-scale bull run is very possible.