![Bitcoin [BTC] briefly breaches $48K; SEC extends ETF deadlines](https://www.tronweekly.com/wp-content/uploads/2021/10/stock-market-gff98383f9_1280-e1633097693862.jpg "Bitcoin [BTC] briefly breaches $48K; SEC extends ETF deadlines 1")
In an unexpected turn of events, Bitcoin [BTC] rallied 10% that catapulted its price to $48,000. The latest price action comes despite significant bearish pressure in the crypto market as BTC was found to be struggling to hold its fort above the psychological level of $40,000. However, as the king coin added $4,000 to its price in less than 24-hours, the altcoin market followed suit and flashed green.
The bullish momentum comes just after United States Federal Reserve Chairman Jerome Powell asserted that the authority has no intention to ban cryptocurrencies. While speaking before the House Committee on Financial Services, Powell said that he believes the crypto industry should be regulated in accordance with existing laws.
In what appears to be an excellent start of the month, investors speculate that the prices of several crypto-asset may soar even higher. Interestingly, the recent surge coincides with the downtrend of the legacy market. Divergences such as these are significant because it strengthens Bitcoin’s position as a macro-asset.
Besides, millions of shorts were liquidated in a matter of hours after the flagship cryptocurrency broke a crucial barrier of $45k. Prominent analyst, Will Clemente revealed liquidation of $47 million worth of BTC shorts in the past hour.
SEC extends 4 Bitcoin [BTC] ETF deadline
The soaring market also coincides with the latest news of the US Securities and Exchange Commission [SEC] extending the deadline of four Bitcoin ETFs for 45 days. The ETFs in question are – Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF that were slated for Nov-Dec this year. The reason behind the move, as cited by the authority, is the requirement for extra time to determine whether to accept the 19b-4 applications.
The SEC’s official release stated,
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.”
Earlier in August, Bloomberg ETF analysts Eric Balchunas and James Seyffart speculated that the SEC is likely to give a green signal to BTC futures exchange-traded fund by the end of October this year.