Market commentators have a common opinion on one subject. It is also a great news that Bitcoin can be pulled out of the bear market. Analysts generally believe that this may be a market for a Bitcoin ETF approved by the US Securities and Exchange Commission (SEC).
It is envisaged that a Bitcoin ETF will withdraw significant amounts of money for reasons such as making it easier to invest in Bitcoin and making it safe
In the past few days, CBOE, one of the world's largest futures exchanges, has made a Bitcoin ETF application. Now it is said that the ETF is highly likely to be approved by the SEC.
Increase in Bitcoin price
Bitcoin ETF application made by renowned Winklevoss twins owned by the crypto money exchange Gemini was rejected in March of last year, but circumstances were very important at that time . Since March of last year, much water has been flowing from under the market. Bitcoin wandered around $ 1000.
Nowadays Bitcoin is at least 6 times more expensive and more expensive. On the other hand, Bitcoin's market value is still over $ 100 billion, and it is difficult for regulators to ignore this factor.
Traditionally investors have avoided cryptography to a much greater extent than they see as risky. Fortunately, custody services offered by Coinbase and Swiss Stock Exchange to customers can now attract institutional investors to the market.
One of the main reasons for the rejection of the ETF last year was that the Bitcoin market was not regulated.
Only then did Bitcoin futures trading started. Large investment banks such as Goldman Sachs and JP Morgan have begun to enter the crypto paralegal.
The past month has been more clear when the SEC itself, Bitcoin, Ethereum and other decentralized cryptographic currencies have announced that they will not be classified as securities.
All these reasons indicate that banks and governments are thinking of getting a growing share of pastry.
Meanwhile, the SEC's ruling in the meantime is that the latest decision by the 24th It will be announced in September.