SEC ETF Deadline Approaches $61,000 Bitcoin

Bitcoin Reaches $61K as SEC ETF Deadline Nears. Bitcoin approaches an all-time high as traders wait for the US regulator. To approve one of the numerous applications it has received. Bitcoin climbed near $61,000 on Friday as traders awaited the US Securities and Exchange Commission’s (SEC). Approval of a bitcoin ETF. The anticipation of such a clearance contributed to an almost 6% increase in BTC’s price in the last 24 hours.

The Securities and Exchange Commission (SEC) is analyzing about 40 bitcoin ETF product submissions. And will make a decision on futures-linked ETFs next week, with numerous decision deadlines. Bloomberg reports that the regulator is poised to approve at least some of them,. Paving the way for a much-anticipated increase in trading volumes.

An exchange-traded fund (ETF) is a type of security that tracks an index, sector, or other asset. It may be bought and sold like a conventional stock on a stock exchange. The SEC, on the other hand, is likely to approve a bitcoin futures ETF based on CME exchange futures. Although the investor would not directly hold bitcoin, there are still hazards.

Probabilities of a Bitcoin ETF

To approve the submissions, the SEC does not need to take any official action. According to CoinDesk’s Danny Nelson, applications can become effective if the SEC allows a statutory deadline. Or to pass without asking revisions or directing the aspiring issuer to withdraw the submission.

“If a futures-based ETF approved, the door to retirement funds with trillions of dollars. In assets will finally open, creating very favorable conditions for spot BTC to continue climbing.” Coinbase stated in a note to institutional clients on Friday.

“The time to launch and estimated take-up of these ETFs are the next factors to examine.” According to Coinbase, “sources close to the ETF business believe that the time from approval to debut. Might also be less than seven days, ” implying that ETF purchases by investors could take place in late October.

Analysts believe that more ETF products will approved in the near future.

FundStrat, a global advising firm, conducted a study on Friday. as follows: “Many people in the financial services business will now put more attention on finding the perfect exchange-traded fund (ETF). Target the market with an on-demand offering, which will be a more cost-effective option for customers.”

Bitcoin and Stock Prices are Rising

The current spike in bitcoin’s price has also corresponded with a return to normalcy in the stock market. After a few days of decoupling, the S&P 500 has finally found its footing. The rise in the price of Bitcoin shows that risk-takers’ desire for loss is still high.

Altcoin Roundup

CFTC fines Tether and Bitfinex $42.5 million for “untrue or misleading” claims. The CFTC fined Bitfinex and Tether over $42 million. Because the USDT stablecoin was not completely supported at all times, according to CoinDesk’s Nikhilesh De. Between 2016 and 2018, Tether’s stablecoin was only completely backed by reserves for one-quarter of the time. Tether also held reserves in non-cash instruments and commingled them with business funds, the regulator added.

DeFi game PoolTogether launches v4. PoolTogether, a popular DeFi no-loss savings game, has upgraded its win rates for users, according to CoinDesk’s Andrew Thurman. As a result of PoolTogether’s improved architecture, smaller depositors have a far better chance of winning prizes. “Putting $1,000 into the USDC prize pool right now gives you a 0.01 percent chance of winning every week. “Winning a reward is less than 1% possibility per year,” said PoolTogether co-founder Leighton Cusack. Anyone who deposits $1,000 has a 10% chance of winning a reward each week with the new PoolTogether.

NuCypher, Polygon gain as tokens list on South Korean exchange. As reported by CoinDesk’s Jamie Crawley, the Bank of Japan is working on a central bank digital currency (CBDC). A CBDC should composed of “relatively straightforward, easy-to-cook material,” BoJ Executive Director Shinichi Uchida stated on Friday. In his address, Uchida stated that the BoJ has “no intentions to issue a CBDC at this time,” but that the central bank must nonetheless construct a payment system suited for the future.

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