Bitcoin Trend Nears $60,000

At 10:11 British summer time ,Bitcoin currently trades at $57,370, off the highs above $58,000 hit earlier in the trading day but still up over 5% in the last 24 hours.

Bitcoin continued to increase on thursday the 14th october 2021, This reports are based on Bitcoin Futures.

With a large amount bitcoin ETF’S under evaluation the investment company act of 1940 will likely get approved first.

Gary Gensler  the SEC chairman has previously said his propitiousness for a Bitcoin futures ETF, rather than one based on the underlying asset.

Speaking last month, Gensler said the ’40 Act “provides significant investor protections” for mutual funds and ETFs, adding that he was looking forward to staff’s review of such filings.

Eric Balchunas, Bloomberg’s senior ETF Analyst, highlighted that Valkyrie has recently updated their Bitcoin futures ETF prospectus, adding the ticker BTF. Balchunas signalled that this typically only happens when the fund is “ready to launch”.

In the Bitcoin ETFs environment a productive evolution was when Cathie Wood’s ARK Invest filed for a Bitcoin futures ETF under the ‘40 Act.  a physical Bitcoin ETF had already been filled by ARK but this is the first time the asset management firm has filed for a futures only ETF.