The news of the SEC delaying its decision on Bitcoin ETFs has been a source of concern for enthusiasts. Meanwhile, netizens have lively opinions about crypto-traded funds. With the Taproot upgrade arriving in November, and the advent of the year-end ETF. October seems to be left out.
However, any news regarding widespread adoption and acceptance will be fruitful for the space in October. It is worth noting that the month of October began with a healthy tour. And raise the market of intense fear on the index of fear and greed. The first weekend seems to be very bullish but ended up taking a lot of profits. Thus pulling the price of BTC below certain levels.
SEC Postpones Deadlines for Four Bitcoin ETFs
The US Securities and Exchange Commission has postponed the deadlines for four Bitcoin ETF applications. Because of fears of lack of transparency, market manipulation and liquidity crisis. Respectively, Gary Gensler has more confidence in the Bitcoin futures ETF.
The deferral includes four ETFs from Bitcoin Valkyrie, Kryptoin, Wisdom Tree and Global X. The delay ranges approximately from 45 to 60 days. The new deadline for Valkyrie is December 8, Kryptoin is December 24, WisdomTree is December 11, and for Global X is November 21. These are among many other Bitcoin ETFs awaiting approval.
Meanwhile, Canada is a step forward, officially giving approval to four Bitcoin ETFs. A famous analyst points to the launch of the first multi-crypto ETF in North America. The fund will hold both Bitcoin and Ethereum.
On the other hand, netizens have a range of opinions about crypto ETFs. While some expect ETFs to follow regulation after regulation. Some believe that this will be a correction to the price of the pump. Few see it as manipulation. Few with “buy the rumor, sell the news”. Others believe that buying crypto ETFs is to fund someone else to buy and hold digital currencies. Whereas one can directly own the coin and collect it.
Also Read: Is This New SEC Desperate Attempt to Prove XRP Is Safe??
Bitcoin price is on its way to $100K
Popular analyst It expects the stellar coin to reach $100,000 in the fourth quarter. Learn from the currency’s past effects. BTC rose more than 300% during the fourth quarter of 2013 and 2017. Expectations of BTC following similar traits are high among enthusiasts. Many professionals, who have watched many bulls, believe that the Q4 is the best.
In summary, it appears that the implementation of Bitcoin ETFs and their consequences depend on market sentiment. However, we can expect a positive trend if the applications are in favor of the market. Moreover, Taproot may raise bitcoin (BTC) prices as well. And ever-increasing adoption will give a boost to the impulse.