The Securities and Exchange Commission (SEC) refused to approve a Bitcoin ETF for a long time. However, only two months after SEC Chairman Gary Gensler said that he is open to the notion of a crypto ETF, fund managers like ProShare and Invesco applied to run Bitcoin ETFs.
ProShare announced that the Bitcoin Strategy ETF would shortly trade under the ticker BITO. It further said that the planned ETF will begin trading today if the SEC does not prevent it. Furthermore, ProShare has scheduled October 18 as the ETF’s public offering, indicating that it is an SEC-approved bitcoin ETF.
Furthermore, ETFs such as BITO will contain futures contracts that indicate whether the price of Bitcoin will grow or decline. Futures are exchanged on the Chicago Mercantile Exchange, which also regulates them.
Importantly, Bitcoin (BTC) is rapidly rising to a new all-time high, surpassing the previous set in April 2021. Above all, the crypto market has performed quite well in the previous two weeks of October. As a result, BTC has risen from $45 to over $65 and is gaining popularity worldwide.
According to CoinMarketCap statistics, the price of Bitcoin soared as high as $62,614.66 per unit. The cryptocurrency is now just $2,00 away from the previous high of $64,804 set six months ago. Bitcoin has certainly rebounded since its July low of $30,000.
That is to say, after months of struggle, the price of Bitcoin has doubled. Many others, however, attribute the price increase to its general use. On the other side, others speculated that the idea that the US Securities and Exchange Commission was preparing to approve a bitcoin ETF influenced the increase. In addition, conventional investors have begun to invest in cryptocurrency.
When compared to the previous year, Bitcoin adoption increased by 881 percent. According to records, 15,000 companies throughout the world accept Bitcoin as payment (BTC). Meanwhile, El Salvador was the first country to legalize Bitcoin, and a few other nations, such as Brazil, are on the verge of doing so.
The global growth of cryptocurrency, particularly Bitcoin, has been rapid. This further supports analysts’ claims that crypto is here to stay. According to the current state of the crypto, Bitcoin will soon reach the $100 forecast, if not before the end of the year.