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It has been revealed by the sources that August 10 is the proposed date when the SEC will make their decision on the future of these Bitcoin ETF and by extension the entire cryptocurrency market. For the starters, the application of Bitcoin ETF by a Wall Street firm in itself is a huge step that is giving a clear indication of a huge amount of money pouring into the crypto market.
Also, being only for accredited investors, their entry would also mean the entry of big money. It would also enhance the price discovery characteristics of which help in recognizing accurate trading signals. If SEC does give its nod of approval for the ETFs, it would mean an indirect green light to mainstream investment in altcoins as well.
This would eventually bring funds in trillions in the crypto market. Though there is no surety of the incidents in the crypto market, if this proposed date does see a green light, big fat investors would be jumping into the market through these additional assets. All Rights Reserved. Search for:. Price Analysis. ICO Review. Submit ICO Review. Editor's Pick. Share on Facebook. Share on Twitter.
Bitcoin is the first peer-to-peer digital currency, also known as cryptocurrency. It is famous for its decentralized transactions, meaning that there is no central governing body operating it, such as a central bank. Bitcoin News will help you to get the latest information about what is happening in the market. The article was quoted as saying:. The date of August 10th was apparently calculated using an SEC statement that says that a decision will be reached on each filing no less than 45 days from the date of publication in the Federal Register.
Wording from the notice indicates that:. Within 45 days of the date of publication of this notice in the Federal Register or within such longer period i as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding. The notice was dated June 26th but published on July 2nd. The August 10th date was reached by adding 45 days to the June 26th date.
Therefore, there is high chance that we might have to wait a bit longer than August 10th given the statement highlighted above from the published notice.