The cryptocurrency market is anxiously waiting for the approval of the first Bitcoin (BTC) ETF in history. The decision depends on the U.S. Securities and Exchange Commission (SEC), which has already rejected several proposals of Bitcoin ETFs over the last years. Analysts claim that the decision to approve a Bitcoin ETF could be very positive for the entire crypto market as it could attract a large inflow of new investors to the crypto industry.
Will a Bitcoin ETF Be Approved This Year?
In a recent interview with Stansberry Investor, the Bloomberg Intelligence Commodity Strategist Mike McGlone explained that the SEC could approve the first Bitcoin ETF as soon as this year. This would be a very important thing for the entire crypto community as it could bring a large new inflow of investments to the cryptocurrency market.
During the interview, McGlone explained that the U.S. SEC could be trying to compete with Canada. In the northern country, a Bitcoin ETF has already been approved by regulators. Thus, the U.S. could be missing a large capital allocation if investors decide to move to Canada. In addition to it, some companies such as Cathie Wood’s Ark Invest suggested they could move to Canada trying to apply for a Bitcoin ETF.
Furthermore, McGlone mentioned that the SEC could approve the first Bitcoin ETF by the end of October. This could certainly be a good opportunity for investors to enter the cryptocurrency market, specifically large investors.
The decision to approve a Bitcoin ETF could also be the catalyst to a new bull run in the cryptocurrency market. This could also be related to a usual move higher by the end of the year for the largest cryptocurrency. Back in 2013 and 2017, the last quarter of the year was usually the most bullish for Bitcoin as it experienced close to 300% rallies.
Bitcoin has moved higher by 5% in the last 24 hours. Other virtual currencies have also been growing, including Ethereum (ETH), Cardano (ADA) and Binance Coin (BNB), among others. The question is whether Bitcoin would be able to surpass its previous all-time high of $64,400 reached in May this year.
The approval of a Bitcoin ETF could be decisive for Bitcoin to start moving higher. If that happens, the next steps for Bitcoin could be reaching $100,000. However, this remains to be seen.