The Bitcoin market remained upbeat for another week after news broke that the Securities and Exchange Commission (SEC) of the United States would most likely clear a bitcoin futures exchange-traded fund (ETF).
ETFs are a collection of securities, whereas a futures contract is an agreement to purchase or sell assets at a certain price on or before a specific date in the future, regardless of the asset’s value at the moment.
The Securities and Exchange Commission (SEC) of the United States had received approximately 40 bitcoin Futures ETF applications for consideration, each with its own deadline for approval. Applicants for bitcoin futures could be rejected or given notice that they need to make adjustments before they can trade.
However, if the several deadlines for next week pass, the applications will become effective according to federal legislation in the United States. According to Bloomberg on Friday, some of these registrations will be authorized, allowing companies like ProShares and Invesco to continue operating.
The news reinforced bitcoin investors’ confidence, as long holdings in the cryptocurrency community were maintained. This pushed bitcoin’s price to $59,961 in less than a day, the lowest it’s gone since May 2021, when the price bubble that began in H2 2020 burst.
The market cap was hovering around $1.12 trillion at the time of posting this story, up from $1.03 trillion on Wednesday, gaining $90 billion in three days, but currently selling for $59,450 per coin.
