cryptocurrency

Will the Bitcoin ETF be launched this month?

by Marcos Sotero, Analyst In the digital asset broker listed on the stock exchange GlobalBlock .

Bitcoin broke the $24,000 level again this morning and is now up 37% in 8 weeks. It seems clear that the first four hikes in interest rates and a technical slump have been priced in risk assets as there has been massive and ongoing selling pressure in anticipation of events/news.

Giants like BlackRock and Wells Fargo demonstrated their bullish stance on Bitcoin last week, as Wells Fargo said the cryptocurrency had evolved into a valid wallet option.

ARK Invest, an American investment management company with $50 billion in assets under management, has been incredibly bullish on Bitcoin throughout this downtrend. ARK CEO Cathy Wood said last month that she believes bitcoin mining will “charge” solar and wind energy. The latest ARK report showed that the US was the largest buyer of Bitcoin in July, and that the path of recovery has been set for Bitcoin with the dismantling of leverage.

This month is particularly interesting for ARK, as the Securities and Exchange Commission (SEC) pushed its decision regarding the implementation of the ETF for ARK from July to August. If this ETF application is accepted by the SEC (which seems unlikely given the number of rejections so far), it will be great winds for Bitcoin.

There are some clues that could tell us whether the Securities and Exchange Commission is likely to approve an application soon. Companies usually update their offerings when everything is set at all. We can see that there is an Ark Invest Bitcoin futures ETF file with a ticker, and Valkyrie has updated its ETF prospectus with a ticker. This gives us an indication that another ETF on Bitcoin Futures may be approved soon.

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