***BREAKING *** Bitcoin ETF is approved

[btcwish1]

Here we go! Finally bitcoin ETF is approved.  We still don't know what it will bring to Bitcoin, but we hope for the best.  

Finger crossed




Source: https://twitter.com/julianhosp/status/1449026319388495874

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[dothebeats]

The anticipation on the approval of bitcoin ETFs had long been gone for the community. 2 or 3 years back, people are pushing for bitcoin ETFs as they believed that this is to get bitcoin into the main stage of the world's economy. We don't need it now, as companies and governments themselves realized that bitcoin is really worth something, and that people are also looking to join the free market which bitcoin currently has. Bitcoin ETFs, in today's time, is like a gift that we prayed so hard that we received so late, after receiving something better. It's still a nice thing, but I don't think that its impact would be that big now.

[aoluain]

The markets seem to be reacting positively, its looking like we could have a nATH over
the weekend.

The "Bitcoin isnt backed by anything" brigade will definitely not be able to play
that card anymore.

The ETF is positive but its another Wall Street tool as far as I understand it will be FIAT
based or settled in FIAT not Bitcoin

[nibor]

I believe this is a Futures Backed ETF?

So can't see it becoming very popular - as will effectively have a 12-15% annual fee due to the cost of the futures rolls.
And if it gets to any size will hit the CME position limits (2000 contracts - 10k BTC - $600m).
https://www.cmegroup.com/market-regulation/position-limits.html

See:
https://bitcointalk.org/index.php?topic=5365787.0
for my logic for the 12%.

[livingfree]

The anticipation on the approval of bitcoin ETFs had long been gone for the community. 2 or 3 years back, people are pushing for bitcoin ETFs as they believed that this is to get bitcoin into the main stage of the world's economy. We don't need it now, as companies and governments themselves realized that bitcoin is really worth something, and that people are also looking to join the free market which bitcoin currently has. Bitcoin ETFs, in today's time, is like a gift that we prayed so hard that we received so late, after receiving something better. It's still a nice thing, but I don't think that its impact would be that big now.

True.

Way back then we're all optimistic about it but when we saw that bitcoin can stand alone and can rise even without these ETFs, we're not anticipating it anymore.

However since the market has pumped a lot today, maybe it's due to this approval.

[Oceat]

Finally, after a long time of repeating and waiting SEC finally approved.

Look at the positive impact of this news despite of china's attempt to continue to release their FUD dogs. It's just right about time that this bull run might seems to make its own way to $70k before the end of the year. I think we needed more adoption before we get to see that $70k before the correction hits.

Anyway, I don't know if SEC saw something in Bitcoin but with or without them Bitcoin can stand alone with enough support of us people of course. It's just a bonus that they finally approved this after a long time of waiting.

[Hippocrypto]

On that side of the story, we should be grateful for what Bitcoin has achieved right now. This could probably attract more upcoming investors as well as holders to keep their strong faith towards cryptocurrency.
Our community has been doing great, and I believed someday we will be experiencing more profitable gains that we never expected in our whole life. Let's keep going and don't ever give up with our determination to meet our goals.

[cabron]

Bloomberg posted an article about this. Although we may not need ETF to go up to $64K, the institutions are positive about it. They needed this ETF for it to be part of their portfolio asset.  There are many investment management fund management are positive for BTC ETF to be approved which I guess they are very right about it. If we have to cement BTC as a legal asset, BTC ETF would be good.

[Poker Player]

We still don't know what it will bring to Bitcoin,

Well, The point is that certain institutions that cannot buy Bitcoin directly due to regulatory issues or have difficulty doing so, have it much easier with the Bitcoin ETF, which is expected to bring a wall of money to the Bitcoin market.

Although it is a futures ETF, but with this a pure Bitcoin-based ETF is closer. These is a previous small step.

Bloomberg posted an article about this. Although we may not need ETF to go up to $64K, the institutions are positive about it.

We may not need it but we'll get there much faster.

[Kemarit]

It will officially start next week, so expect that this bull run will continue up to $63k or even a new all time high.

Yes, I know that this is long overdue and people might say that we don't need this. But at least with this stamp of approval coming from SEC, I'm sure BTC will gain more traction to more whales and institutions. So I would say that this is very welcoming news to the crypto market in general. A good sign indeed, and very positive in the long term.

[Coin_trader]

It will officially start next week, so expect that this bull run will continue up to $63k or even a new all time high.

Yes, I know that this is long overdue and people might say that we don't need this. But at least with this stamp of approval coming from SEC, I'm sure BTC will gain more traction to more whales and institutions. So I would say that this is very welcoming news to the crypto market in general. A good sign indeed, and very positive in the long term.

I really hope so as a fellow Bitcoin holder but the real effect of ETF IMHO is to stabilized the volatility of crypto market due to the increased of liquidity in Bitcoin coming from ETF money, The only thing that will drive the price up in an incredible rate is speculation that already happened before the approval. I was expecting the approval to be on December as they delayed the ruling on SEC previous announcement. I don't know why SEC approved it for a short notice. People don't have time to speculate more.

[dupee419]

It will officially start next week, so expect that this bull run will continue up to $63k or even a new all time high.

Yes, I know that this is long overdue and people might say that we don't need this. But at least with this stamp of approval coming from SEC, I'm sure BTC will gain more traction to more whales and institutions. So I would say that this is very welcoming news to the crypto market in general. A good sign indeed, and very positive in the long term.

It's definitely going to attract investors, it's been too long for the ETF to be approved though it's always better to be late than never, a lot of people are likely to invest now that Bitcoin ETF is approved, because of this news, I'm also expecting that the bull run will definitely continue at least until October ends.

[mk4]

Finally, after a long time of repeating and waiting SEC finally approved.

Wait what? The SEC haven't approved lol. It literally says in the paper: "have been approved by the Exchange for listing and registration upon official notice of issuance."

It just says that they had the go signal from Nasdaq for listing, but they'll still be waiting for the decision from the SEC.

[DapanasFruit]

The main reason for the ongoing Bitcoin uptrend is the anticipation of the ETF approval. We are still waiting for the final clearance from the SEC though and we have to notice that under the new SEC chief seems to me that the agency is adopting a more concerned and less friendly look at cryptocurrency and its related businesses. Now, some may remember how the Bitcoin futures instead pushed back the price of Bitcoin below so I am really hoping that this will not be the case with ETF.

[traderethereum]

Finally, what we were waiting for a long time ago was approved. Maybe this is why bitcoin directly jumps and breaks to $61k and is stable at this price. I am sure this can positively give the investors and make them the confidence to invest in bitcoin. So we can expect to see the next ATH from this month or the rest 3 months of this year and if that can happen, it will open many people's eyes out there who do not believe that bitcoin has its value and will be good for their investment.

[GreatArkansas]

Finally, after a long time of repeating and waiting SEC finally approved.

Wait what? The SEC haven't approved lol. It literally says in the paper: "have been approved by the Exchange for listing and registration upon official notice of issuance."

It just says that they had the go signal from Nasdaq for listing, but they'll still be waiting for the decision from the SEC.

+1. I also saw this,  so probably this is one of the reason of recent pumps on Bitcoin, about ETF.
But this thing OP posted, it seems may some people misunderstand it. As I understand about this is, only NASDAQ approved it for now.

Overall it's good for me, I don't find any bearish as if it is expected to happen. But even SEC will not approve this, I believe the reaction of it in the market will be normal as we  experienced these past few years.

[mk4]

+1. I also saw this,  so probably this is one of the reason of recent pumps on Bitcoin, about ETF.
But this thing OP posted, it seems may some people misunderstand it. As I understand about this is, only NASDAQ approved it for now.

Yea, lots of people have definitely been mislead with these kinds of headlines on social media, and it definitely helped the upward price pressure. But to be fair, apparently the chances of the futures ETF being approved is really high.

[buwaytress]

Breaking. ETF green light is already priced in.

Not to be a wet blanket but OP proves that the market is already reacting or has already executed all the actions as if the ETF is active and go. So when it eventually does (we're all in agreement right?) trade, most of that good feeling and sentiment would have been set in. Not that this won't be the trigger to many more new ATHs!

[bitterguy28]

The markets seem to be reacting positively, its looking like we could have a nATH over
the weekend.

The "Bitcoin isnt backed by anything" brigade will definitely not be able to play
that card anymore.

The ETF is positive but its another Wall Street tool as far as I understand it will be FIAT
based or settled in FIAT not Bitcoin

seems like correct as we are nearing 63k to break and any moment another ATH will come .
but what i found odd is the timing . why all of a sudden the approval happens when China's acting very aggressive towards bitcoin?
is there any connection behind those?

The main reason for the ongoing Bitcoin uptrend is the anticipation of the ETF approval. We are still waiting for the final clearance from the SEC though and we have to notice that under the new SEC chief seems to me that the agency is adopting a more concerned and less friendly look at cryptocurrency and its related businesses. Now, some may remember how the Bitcoin futures instead pushed back the price of Bitcoin below so I am really hoping that this will not be the case with ETF.

hope this is correct and valid .

[tranthidung]

I really hope so as a fellow Bitcoin holder but the real effect of ETF IMHO is to stabilized the volatility of crypto market due to the increased of liquidity in Bitcoin coming from ETF money

It won't stablize the market volatility too much if there is no thresholds for upper and lower bands of price intra-day. If there is no circuit break for crypto market, Bitcoin ETF can not stabilize the market.

If you look back at what happened in the market in March 2020, with the announcement of WHO about the pandemic, all the market on Earth crashed too the hell. Do we have Gold ETFs, so how did the price of Gold perform back in 2020? At some points, crude oil even was traded with negative price.

• On April 20, 2020, the front-month May 2020 WTI crude contract dropped 306%, or $55.90, for the session, to settle at negative $37.63 a barrel on the New York Mercantile Exchange.