Bitcoin prices surpass 7k mark on lingering optimism of US SEC’s review of ETF applications

The US SEC would reassess its decision about bitcoin ETF applications on October 26th. Industry veterans and crypto-investors are invited to share their opinions in support of or in opposition of a bitcoin-linked ETF.

With this in mind, CEO of SharesPost Digital Assets Group, John Wu, has delivered a response as to how this decision likely to affect the crypto avenue, and would be delighted to to discuss the implications further. John is a veteran private market investor, and is a licensed General Securities Representative with a wide breadth of knowledge in FINRA and SEC regulatory policy.

“Should the SEC approve an ETF product for Bitcoin, the move will provide some much needed confidence in the volatile crypto markets, which have been looking for some regulatory clarity. Specifically, an ETF product will allow institutional and retail investors to gain exposure to the crypto markets and comply with SEC regulations. Already, we've seen institutional players, including university endowments like Yale University, wanting to enter this asset class. An SEC-approved ETF will make the United States a leader in developing a market for structured investment products for cryptocurrencies,” he added.

BTCUSD price has surged from $6,300 to the current $7,700 levels as Bitfinex exchange that reportedly operates Tether LLC, a firm that oversees the development of stablecoin Tether (USDT).

The drastic unloading of USDT has caused the price of the stablecoin to dip towards $0.94. Such slump in the value of USDT formed a premium on Tether-integrated cryptocurrency exchanges.

While Bitcoin’s volatility is one of the key factors that has weighed in on the SEC’s uncertainty of cryptocurrency markets. Although this decision is not expected until the first quarter of 2019, the demand for a bitcoin ETF from big banks and financial institutions could be the motivation needed for the cryptocurrency market to bounce back.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 174 levels (which is bullish), while hourly USD spot index was at -59 (bearish) while articulating at 07:39 GMT. For more details on the index, please refer below weblink:

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