Bitcoin (BTC) Rebounds, Back Above $55,000

2021 has already been an epic year for Bitcoin (BTC), as values have doubled since 1 January. The primary reason for the spike has been mainstream adoption. High-profile purchases from the likes of Tesla have highlighted BTC’s growing popularity. Today brought more good news, as the United States Securities Exchange Commission (SEC) formally acknowledged another BTC ETF proposal.

For years, a BTC ETF has been the holy grail of cryptocurrency adoption. Now, it appears that the long wait may be coming to an end. Reports are surfacing that fund manager VanEck has submitted another request for SEC approval on a BTC ETF offering. The SEC confirmed receipt and now has 45 days to respond. According to John Davi, CEO of Astoria Portfolio Advisors, things are looking up for the first BTC ETF approval:

“It’s just a matter of time. I think that the time has come and there is a place in people’s portfolio for digital assets.”

So, what makes this request from VanEck different from the others? Timing. Bitcoin is trading at lofty valuations and a new administration is in the White House. If you add those two factors up, it’s likely that we see the SEC sign off on the first BTC ETF by the end of 2021.

Bitcoin Rebounds From A Bearish Monday

Bitcoin started the week with a thud, falling more than $3500 on the session. However, prices are back up, eclipsing the $55,000 handle.

Overview: At this point, it’s tough to have anything but a bullish bias toward Bitcoin. Investors are consistently buying dips and the first ETF appears to be right around the corner. Until we see BTC trade beneath $50,000 for an extended period, it’s long-or-nothing in this market.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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