Bitcoin is still below $30,000, but recent developments in the past month indicate a promising future for investors. The performance of BTC price is crucial for all cryptocurrencies. If the crypto king falls, it will cause even greater losses for altcoins. Indeed, the ongoing volatility has pushed them to all-time low levels and even lower.
The Bitcoin price has been struggling with excessive selling for almost two years. Bankruptcies and scams last year were more than what could happen in a few years. We were saying that we are in a period of accelerated collapse in 2022. Fortunately, the chain of bankruptcies is over now. We even saw fraudsters like SBF and Zhu behind bars.
Now it is time for the start of a new bull run for cryptocurrencies. The increased BTC price due to the news that spread incorrectly on Monday demonstrated the potential here. It is clear that crypto needs such a strong catalyst to escape the harsh winds of the macro front.
Bloomberg ETF Specialist Jame and many popular names are drawing attention to the updated ETF filings recently. Most recently, updates were made in Fidelity’s filings. Clarifications were made regarding mining-related risks, environmental concerns, and more. The emphasis is also on the importance of BTC ETF as a significant option for diversified portfolios.
We also see that details related to BTC custody services are included in the application files. Ark, managed by renowned investor Cathie Wood, released approximately five pages of updates on October 11. The latest update stated that Ark’s BTC will be held in separate wallets on the blockchain, not in Coinbase accounts or the institutional Bitcoin pool.
According to analyst James Seyffart’s report from Bloomberg, this move indicates that the SEC is open to signing the filing. Seyffart wrote that the new text is typically a step that emerges when a fund is progressing towards approval.
Today, Gensler stated that communication continues between the institution and potential issuers. The updates in the filings indicate efforts to finalize the applications based on the feedback received.
The SEC, which previously postponed applications and eventually rejected them, is now signaling a solidified communication and a departure from a negative approach. Moreover, the pressure from US politicians to stop resisting the institution was also a significant move.