Experts are predicting bitcoin to rise. Growth restoration of the first cryptocurrency will continue following the expectations of the U.S. Securities and Exchange Commission’s (SEC) decision. SEC is going to announce the fate of nine bitcoin ETFs in the upcoming days, as today, November 5, the deadline for accepting comments is completed, and if these proposals meet the strict requirements of the SEC, then the BTC price may sharply increase, closing the year at a high level. Nine bitcoin ETFs proposals include five from Direxion, two from GraniteShares and two from ProShares.
Raghav Reggie Jerath, the CEO of Gath3r Web Miner, is seeing bitcoin’s future price follow the last year’s pattern. In his comment to Forbes he said:
“Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around 7500 - 8500 range for the remainder for the year.”
SEC’s decisions concerning the crypto market are always an incentive for all cryptocurrencies. Any adverse assessment or comment in a bad light may mean that the asset will be recognized as a security. This is extremely undesirable and exhausting work for investors who will have to file tax returns every time they make transactions in a cryptocurrency.
This is additional work will impede direct investments. However, all the thoughts of crypto investors are occupied with bitcoin ETF, the deadline for the decision on which ends today.
Until now, the SEC was adamant, rejecting the decision on the nine bitcoin-ETF proposals from Direxion, Proshares, and GraniteShares.
Looks like the decision was so long awaited due to the fact that the SEC commissioners delegate these tasks to their employees. The last ones really began to study the issue and asked for the comments from interested parties.
Initially, SEC set October 26 to be the deadline date for public statements but then changed it to November 5. Now, we expect the SEC to come up with a decision, but the date of this event is still uncertain.
Given the 75% drop in 2018, we can see bitcoin recovery in this quarter. In addition to technical factors, the simmering trade war between the U.S. and China might trigger capital from the stock market leak to bitcoin.
Almost a month ago, SEC representative Elad Roisman has met with the other candidates for bitcoin ETF. The meeting of such high-ranked authority with an investment firm VanEck, blockchain-company SolidX and CBOE exchange became the first time in history when Commissioner publicly met with the representatives of the three groups. And It looks like it is a good sign. According to the rules, the Commission must come up with the decision in the long-term scenario until February 27, 2019.
Reggie Browne, the “Godfather of the ETF,” said that bitcoin ETF would not be approved by regulators anytime soon. Browne is the CEO of the Cantor Fitzgerald ETF trading company. The main reason for this, according to him, is the absence of a strong regulatory framework in the industry that prevents SEC from making a positive decision about bitcoin ETFs.
The same statement was made by the head of BlackRock, Larry Fink. According to him, the bitcoin ETF should be supported by the government. Fink added that the state would in no way approve such a financial instrument without full confidence that investors' funds will not be used for illegal activity.
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