What Was Behind Friday Bitcoin reach 8% rally above 3700$?
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On Friday, the entirety of the crypto industry was shocked, as Bitcoin (BTC) and other leading digital assets posted jaw-dropping gains within a matter of a few hours. Proceeded by a double-digit hike in the value of Litecoin, which came effectively straight out of left field, BTC found itself up by 8%, establishing a foothold at the $3,700 price level for the first time in weeks..
Bitcoin ETF Rumors
Many would argue that Friday’s move could have something to do with rumors regarding Bitcoin exchange-traded fund (ETF) comments from U.S. SEC commissioner Robert J. Jackson. According to Drew Hinkes, the general counsel at Athena Blockchain, Jackson claimed that the governmental representative believes that a “fund based on bitcoin” will eventually make it through the SEC’s regulatory hoops.
The SEC commissioner, who was speaking to CQ Roll Call in a supposedly “leaked” interview transcript, added that eventually, he hopes and thinks that a crypto upstart will be able to satisfy the SEC’s mandates in a BTC ETF application.
Some have begged to differ. In a recent rebuttal to the interview, a journalist from Decrypt Media remarked that there remain many barriers in the crypto-linked ETF subsector, thus making irrational to assume that such a vehicle is slated to go live.
Join- https://t.me/btctradingclub
On Friday, the entirety of the crypto industry was shocked, as Bitcoin (BTC) and other leading digital assets posted jaw-dropping gains within a matter of a few hours. Proceeded by a double-digit hike in the value of Litecoin, which came effectively straight out of left field, BTC found itself up by 8%, establishing a foothold at the $3,700 price level for the first time in weeks..
Bitcoin ETF Rumors
Many would argue that Friday’s move could have something to do with rumors regarding Bitcoin exchange-traded fund (ETF) comments from U.S. SEC commissioner Robert J. Jackson. According to Drew Hinkes, the general counsel at Athena Blockchain, Jackson claimed that the governmental representative believes that a “fund based on bitcoin” will eventually make it through the SEC’s regulatory hoops.
The SEC commissioner, who was speaking to CQ Roll Call in a supposedly “leaked” interview transcript, added that eventually, he hopes and thinks that a crypto upstart will be able to satisfy the SEC’s mandates in a BTC ETF application.
Some have begged to differ. In a recent rebuttal to the interview, a journalist from Decrypt Media remarked that there remain many barriers in the crypto-linked ETF subsector, thus making irrational to assume that such a vehicle is slated to go live.