As many enthusiasts may already know, the price of Bitcoin crossed the $8,000 dollar mark for the first time since May yesterday.

This latest price surge follows an interesting week which saw BTC gain around 20% in value — something that was attributed primarily to two key factors, namely:

  • The news of established financial institutions entering this space.

  • A string of positive regulatory news emerging from across the globe.

Did the SEC or CTFC have a role to play in all this?

Amidst all of the positive developments taking place within this space, it was widely reported since the day before that the US SEC was mulling whether to approve a Bitcoin ETF, which was filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.

If approved, the move would allow a whole lot more people to buy Bitcoin without having to face a wide-array of cumbersome regulations.

Additionally, as per a story released by The ICO Journal yesterday, two unnamed sources have verified that the SEC, as well as the CTFC, will ‘quite certainly’ give their nod to Bitcoin ETFs later this year.

One of the two unnamed individuals was quoted as saying:

“I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges. The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”

Similarly, the other source added:  

“I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space.”

Final Take

In addition to all the positive regulatory news that is currently making the rounds on the internet, many experts also believe that the entry of established players like BlackRock and Goldman Sachs into this space might have had something to do with the ongoing value surge (as well).

LEAVE A REPLY

Please enter your comment!
Please enter your name here