SEC Approves Bitcoin ETF
U.S. approval of a Bitcoin exchange-traded fund ETF is big news to long term investors of cryptocurrency, originally proposed in 2013 by Tyler and Cameron Winkelvoss -- an ETF in the Bitcoin space would attract big attention from traditional investors.
Bitcoin Futures
The term futures for an investment product refers to the ability to bet or predict the future price of a commodity. Futures contracts trade on organized exchanges and can be considered apart of the derivatives market, which operates under a different set of laws than forward contracts offered from financial institutions.
SEC Chair Gary Gensler approved the Bitcoin ETF futures product today, and could be available later this year. This does not mean a spot market will be in place and most likely more regulation will be required to oversee further derivitive options for cryptocurrency.
Price pushing upward
The news from the SEC is causing a spike on exchanges, and this is already after a rather large correction last month. Will Bitcoin continue to rise to $75,000? Based from the current trend and market confidence, it may not be too far away.