- Current Price of BTC around $55K solidly.
- BTC Exchange Traded Fund (ETF) is expected to be launched very soon.
- BTC ETF once launched will dwindle the price of BTC down.
The beat around Bitcoin (BTC) is always a hot topic in the crypto industry. This is owing to the fact a solid portion and majority of the crypto industry is based solely on BTC. Indeed, recent times have been quite promising with the BTC. BTC crossed the $55K mark about a few days back, in the first week of October 2021.
In spite of all this, the BTC Exchange Traded Funds (ETF) is expected to be launched very soon. This would be probably around the 3rd week of October 2021. With such a short period, many expect different outcomes upon the launch of BTC ETF.
Apart from this, once the Securities and Exchange Commission (SEC) approves the BTC ETF, soon other attributes like BTC-based contracts and much more are expected to follow. Crypto analysts believe that this will lead to another all-time-high (ATH) for BTC, whereas others believe it will be vice versa.
Analysts Predict BTC Surges with ETF
The SEC will almost completely approve the BTC ETF by October 20. In such terms, indulging the BTC to be traded like a stock upon the stock exchanges multiplies the outcomes in many aspects.
Upon such approvals, the overall investment in BTC will rise again fueled by stocks profusely. This will in turn raise the price of BTC furthermore.
Accordingly, many analysts term, likewise for the fourth quarter of BTC in 2020, BTC will reach its ATH in 2021 too.
Fear of BTC Downfalls
On the contrary, certain CEOs of various financial institutions term that the recent surge of BTC price is completely driven by institutions and firms. On such a basis, the prices of BTC will not remain stable for a longer period.
In addition, the approval of the BTC ETF many financial institutions CEOs predict will only lead to the dwindling down of BTC, same as at the end of 2020.
Furthermore, the CEO of Pantera Capital, Hedge fund manager, Dan Morehead sarcastically says to buy such rumors and at the same time to sell the news in regards to BTC ETF.
Also, Morehead comments to remind him when the BTC ETF gets approved. This is so that he could move away from his BTC investments safely or even withdraw a major portion!
The post has appeared first on thenewscrypto.com