Crypto enthusiasts of the United States have been yearning to listen to the news of at least one Bitcoin ETF garnering approval from the Securities and Exchange Commission [SEC]. A Bloomberg report suggested that a Bitcoin ETF could be approved as early as next week.
Bitcoin ETFs have had a rather tough time in the US. Cryptocurrencies witnessed drastic growth over the last couple of months. From being closely linked to the dark web, to being widely accepted by governments across the globe, BTC has certainly come a long way. While an array of crypto-related services were used by many, BTC ETFs failed to amass the approval of certain financial watchdogs. When the entire globe was enjoying crypto exchange-traded funds, the US was the only country that was being constantly left behind.
This was soon going to change as an ETF analyst, Eric Balchunas affirmed that BTC futures ETFs would not face any opposition from the SEC. ProShares Bitcoin Strategy ETF could potentially be the first of its kind to launch in the US.
Bitcoin ETFs touch down in the USA
BTC ETF applications in the US witnessed nothing but constant delays or disapprovals. Several officials even suggested that the country wasn’t ready for a crypto ETF. Bringing in a whole new perspective to this, Bloomberg reported that ETFs from ProShares and Invesco could commence trading from next week. The applications of both these platforms were submitted and the judgment on them was due next week.
While all the sources remained anonymous, Eric Balchunas noted that it was a “pretty much done deal.”The tweet further read,
However, considering the track record of the SEC, Balchunas noted that he wasn’t ready to close the case. He added,
“Like I said tho until these little F-ers (ETFs) are literally trading on the exchange I’m not ready to close this case. But odds now over 90% IMO.”
Additionally, during the same time, the price of Bitcoin hit a high of $60K. BTC hit this level for the first time since April 2021. At press time, the king coin was trading for $59,055 with a 2.51% daily surge. The market cap of the coin was also seen soaring and was noted at $1.11 trillion.