The R Roundup: First Bitcoin ETF Approved By SEC — Issue #11
The SEC have made an appearance on our newsletters quite frequently which highlights the involvement/interest which regulatory powers are waking up to in the crypto space. Not all regulation is bad however, not all regulation is good. In a space where the core principles of decentralisation are practically indoctrinated, it can be understood why the conversation about regulation is an uncomfortable one.
It was recently reported that the SEC has approved the first U.S. Bitcoin futures exchange-traded fund (ETF). TheBlockCrypto cited from those close to the matter, stating that the SEC…
”Isn’t likely to block the products from starting to trade next week”
The main difference between Futures ETFs and Bitcoin ETFs is the way in which they are ‘filed under mutual fund rules’. We have seen the SEC move the deadline for Bitcoin spot ETF applications until November & December.
Putin Pro-Crypto? 🇷🇺
With the influence of politics ever growing in the crypto space, it was no surprise to see the Russian president Putin add that cryptocurrencies have value however they cannot be used to settle oil payments “yet”
Putin ; “It exists and may be used as means of payment, but to use it in trading in oil or other energy resources — it’s too early to talk about this,”
It is interesting to see the Russian presidents stand point on the possible uses of crypto payments. He also added that “cryptocurrency is not backed by anything yet” which is a wider narrative to as where regulators and crypto stands.
With Russia also ready to roll out their central bank digital currency, Putins stance is further emphasised that the president sees value in the digital currency space.
$BTC Final Q4 Market Run? 🚀
Interestingly, Q4 has greeted us with the usual market gains which saw $BTC break the $60,000 level with a high of $62,800.
This also saw $DOT which has been considerably lagging behind also surge over 37% with a high of $44.
Potentially the crypto markets are warming up for one more leg up. There is extreme risk when buying crypto however it also exposes the greatest rewards. DYOR.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached with trading. At no point should this be regarded as financial advice.
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