- Coinbase deleted its tweet for reasons unknown which said a Bitcoin ETF is coming soon.
- The article shared by Coinbase notes that the crypto fund management market is set to expand.
Bitcoin (BTC) and the overall crypto market have come under pressure recently following last week’s China crackdown. Bitcoin is facing selling pressure and is currently trading around $42,000 levels.
However, speculations for the approval of the first Bitcoin ETF in the U.S. are on the rise at the moment. Coinbase fueled it further by tweeting about the Bitcoin ETF approval very soon, on Tuesday, September 28. But moments later, the world’s largest crypto exchange decided to delete it.
Coinbase basically shared a sponsored article from the Institutional Investor publication. The official post from the publication carries the title “Coinbase Report: Expect Growth in crypto Fund and SEC Approved ETF Soon.”
The Bitcoin ETF has been in the works over the last few years. However, the U.S. SEC has turned down dozens of applications in the past. Recently, SEC Chairman Gary Gensler stated that the regulator can soon approve a Bitcoin ETF provided the exchange-traded fund (ETF) tracks the Bitcoin Futures provided by the CME Group and follows regulatory rules as applicable to mutual funds.
The article shared by Institutional Investor notes that the crypto fund management space is still poised for expansion. It further explains where this growth will come from:
One obvious avenue will be the continued money flowing in from institutional investors as bitcoin, ethereum and other cryptocurrencies mature and consistently deliver steady performance; the other will be the introduction of ETFs into the U.S. crypto fund market.
Bitcoin ETF approval can trigger BTC bull run to $100K
Although Bitcoin has remained under pressure throughout the month of September, analysts are gearing up for Q4. The fourth quarter has always been fruitful for Bitcoin investors and Bloomberg Intelligence senior commodity strategist Mike McGlone is very much bullish about it.
McGlone is also confident that the U.S. SEC will approve a Bitcoin ETF in the coming month of October 2021. In his interview with Stansberry Research last week, McGlone Stated:
There’s still a high probability that the US is just going to follow Canada, maybe with a futures-based bitcoin ETF. There are now over [bitcoin ETF]30 applications, and the fact that money is migrating from the US – from Cathie Wood and Ark – towards Canada, the pressure is quite strong and high for the US regulators to say: ‘All right, we’re kind of missing out here and we need to do that.’
He also noted that people have been giving up on gold and rather parking those funds in Bitcoin. Furthermore, he added that Bitcoin has some catching up to do with Ethereum. Since the market crash of March 2020, ETH has outperformed Bitcoin so far.
“If bitcoin just catches up to Ethereum, of which there have been some ETFs launched in Canada, it would be at $100,000. In fact, it would be close to $130,000. So I think that’s part of the reason it’s probably gonna get there, and the question is when,” he noted.
Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000
As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.
In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.
“As an investment, I think Ethereum has the most upside.”
Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.
“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”
Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.
Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.
Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.
ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval
The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).
ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.
The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.
Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.
Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.
Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”
Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.
BTC hit its all-time high of $64,804.72 in mid-April.
Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer
Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.
Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.
Cramer also stated that he may cash out half of his Ethereum stash.
SEC approval for ETF may push Bitcoin up, Cramer says
Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.
He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.
However, he stated that people are running ahead of a possible ETF approval.
"There's a possibility a lot of people feel that you can get a short-term peak, or maybe a real peak as people just run ahead of the ETFs," says @jimcramer on a #Bitcoin ETF approval. "I might cash out half my $ETH." pic.twitter.com/48MJP047yK— Squawk Box (@SquawkCNBC) October 15, 2021
Bitcoin spikes to $59,500 as chance for ETF approval emerges
Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.
The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.
The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.