Talk Of Bitcoin ETF Grows, Weekly Crypto Metrics
Shain Vernier • 1 min read
Recent buzz over a licensed and regulated Bitcoin (BTC) ETF has brought new hope to a struggling asset class. Interest from investment firms BlackRock and VanEck regarding the crypto space has institutional players on the edge of their collective seat. A professionally managed, licensed way to invest in BTC? Will this ever become a reality?
For now, the answer is ambiguous at best. The U.S. Securities and Exchange Commission (SEC) shot down plans earlier this year for the Winklevoss BTC ETF. However, they are now “considering” giving their consent to the VanEck-SolidX ETF. A final answer on the offering is due out in coming months.
If the SEC does consent to VanEck-SolidX, the impact on cryptos will be extensive. It will set a precedent and open a Pandora’s box facing cryptocurrency investment. Firms will seek to launch funds not only on BTC, but other leading cryptocurrencies and all things blockchain. The entire development will be huge for the asset class, further legitimizing digital currencies.
Rumors Of A Bitcoin ETF Haven’t Helped Weekly Values
It appears that traders are not buying the BTC ETF talk — at least not yet. The last seven days have not been particularly kind to the big four cryptos:
Coin Percentage Change (Approximate)
Bitcoin (BTC) -5.49%
Bitcoin Cash (BTH) -4.79%
Ethereum (ETH) -1.43%
Litecoin (LTC) -3.23%
Overview: July was a good month for cryptocurrencies, in comparison to the first six of 2018. If prices are to revisit the all-time highs of last year, something is going to have to excite investors. Perhaps SEC approval of a BTC ETF will be the catalyst for a return to the explosive cryptocurrency bull market of 2017.