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Bitcoin And Ethereum Are Braced For A Massive October Bombshell After The Crypto Market Price Suddenly Surged

Bitcoin And Ethereum Are Braced For A Massive October Bombshell After The Crypto Market Price Suddenly Surged
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Bitcoin and cryptocurrency prices crashed in October after a terrible September.

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Bitcoin price has now risen to $50,000 per bitcoin for the first time since early September while Ethereum price is approaching $3,500 per ether after dropping to $2,600 last month.

Now, speculation is swirling among Bitcoin, Ethereum and cryptocurrency speculators that the much-anticipated US Bitcoin Trading Fund (ETF) could be approved in October — with expected rulings on a host of ETF applications.

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After the August 3 quotes from [U.S. Securities and Exchange Commission chairman Gary] Gensler, the futures-based ETF, appears likely to be approved as of now, so the October ETF’s response period could be an interesting one to follow, Arcane Research analyst Vetle Lunde wrote this week. There are five responses to ETF requests from the SEC and the SEC is expected to meet in October, with more expected in November and December.

In early August, Gensler said that a bitcoin futures ETF that complies with the SEC’s strict rules for mutual funds could be a path toward approval. Since 2013, the Securities and Exchange Commission (SEC) has rejected several attempts to create a bitcoin ETF, citing the possibility of price manipulation.

“The bitcoin market could heat up soon, due to expectations leading to the ETF rulings,” added Lundy, predicting that bitcoin and cryptocurrency traders “could seek a lead in case of approvals.”

Meanwhile, independent research store Fundstrat noted this week that Gensler appears receptive to the idea of ​​a bitcoin futures ETF and such a fund could attract more interest than weak interest in Bitcoin mutual funds.

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“The biggest point here is that it probably doesn’t matter how much capital is flowing into futures-based ETFs as long as the bitcoin spot market gets a boost from improved sentiment,” the Fundstrat analysts wrote, adding that bitcoin, ethereum and cryptocurrency “bears start to hibernate in autumn “.

“Any short-term selling is a buying opportunity as we anticipate a risky environment through the end of the year,” the note read.

Fundstrat’s head of research, Tom Lee, previously predicted that the price of bitcoin would soon reach $100,000, a level set by a number of other bitcoin and cryptocurrency market watchers.

“We are consistent in our view that any near-term selling represents an opportunity to increase one’s position as we continue to expect a risky environment until the end of the year for all-time highs for Bitcoin and Ethereum,” a Fundstrat report read.

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