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Bitcoin ETF Could Be Approved by SEC This Week, Bitwise's Matt Hougan Says They Are "Closer Than Ever"

  • Alex Dovbnya
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    Bitwise's Matt Hougan says that the market has changed significantly over the past two years, which makes it reasonable to expect the SEC to approve a Bitcoin ETF

Bitcoin ETF Could Be Approved by SEC This Week, Bitwise's Matt Hougan Says They Are "Closer Than Ever"
Cover image via www.123rf.com

Forget about Bakkt. This is shaping up to be one of the most exciting weeks of 2019 for the cryptocurrency  market as Bitwise's managing director Matt Hougan says that they are "closer than an ever" to getting their Bitcoin ETF proposal approved by the US Securities and Exchange Commission (SEC), something that a lot of other contenders failed to achieve.  

“Two years ago, there were no regulated, insured custodians in the bitcoin market. Today, ... there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd’s of London,” Hougan told CNBC's "ETF Edge." 

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Bitwise Makes Pitch for Bitcoin ETF in Presentation Published by SEC

Bitwise Makes Pitch for Bitcoin ETF in Presentation Published by SEC

As reported by U.Today, VanEck Securities and SolidX Management dropped out of the ETF race in late September after launching a "limited" version of this investment vehicle without the SEC's nod.      

Now, the clock is ticking for Bitwise. The US regulatory watchdog is expected to voice its final verdict no later than Oct. 13, meaning that the big news is coming this week. 

“We will hear clearly between now and Monday what they think, and then, depending on what we hear, we’ll go forward from there. But it should be a very exciting week.”

The launch of a Bitcoin ETF would most likely revive Bitcoin that once again ended up at a crossroads after plunging by 20 percent after the underwhelming Bakkt launch.     

Will Bitwise manage to secure the much-coveted SEC approval? Feel free to leave your comment!   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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