SEC Finally Approves the First Bitcoin ETF In The USA
On Oct 08, 2021
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Bitcoin has been confidently moving upwards since the beginning of October. With the approval of the first bitcoin ETF in the USA, it is set to take off to the moon.
After a quite volatile month, Bitcoin is now actually moving with the upward trend since the start of October. Alongside Bitcoin, other cryptocurrencies such as the Shiba token displayed an upward move. The recent approval of BTC ETF will even more heat up the market.
The first bitcoin ETF in the USA
The United States Securities and Exchange Commission which is known as the SEC finally approves the first BTC ETF in the history of the USA. Volt Crypto Industry Revolution and Tech ETF will be provided by the San Francisco-based company, Volt Equity which offers investment solutions for the investors. The company will provide investors easy access to companies with a high amount of Bitcoin holdings.
According to the SEC file, the exchange-traded fund will track all the major players, which also referred to as the “Bitcoin Industry Revolution Companies,” in the market with significant bitcoin reserves, or earn a primary part of their earnings from Bitcoin mining, lending, or transacting. The ETF will be listed under the name of BTCR at the New York Stock Exchange Arca.
The news can be surprising because the SEC has been hesitating to approve the Bitcoin ETF and while bitcoin was surging towards $60k they approved the first Bitcoin ETF. The reason for the approval can be the structure of the Bitcoin ETF proposed by the VOLT. They mentioned that they do not track the price of Bitcoin or hold any bitcoin in their custody. Due to this reason, BTCR is far from a speculative asset which SEC does not want to involve. The Bitcoin ETF will include the companies which have significant exposure to bitcoin.
This Bitcoin ETF may not seem like the pure Bitcoin ETF, but it is the closest one for now.
Bitcoin approaches its ATH price with the recent surge. Since the morning, Bitcoin has been rallying towards the $60k price level. BTC managed to rise to $56,168, which was about 9k below the ATH price of $64,860. The market capitalization of bitcoin rose above $1 trillion once again. In the meantime, the total market capitalization of the cryptocurrencies passed the $2 trillion market cap. Total crypto market capitalization is now $2.3 trillion, and the bitcoin market cap is $1.2 trillion, according to CoinMarketCap. At the time of writing the price of Bitcoin was $55,189.
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