Why Is Bitcoin Pumping Today?

Bitcoin has jumped as much as 9% on the day as other cryptocurrencies also began to surge. But what is driving the jump in price?

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Bitcoin ETF

Recently the Chairmen of the SEC, Gary Gensler, has been speaking favorably about a Bitcoin ETF. On Wednesday, Gensler voiced support for Bitcoin futures ETFs saying that these types of ETFs that invest in futures under the Investments Company Act of 1940 give higher investor protections than many existing options.

The so-called ‘40 Act “provides significant investor protections. I look forward to staff’s review of such filings.”

On September 29th the SEC issued a statement that they would be extending the deadline for the approval of Bitcoin ETF applications by 45 days. This was a sign that the regulatory body is finally looking into Bitcoin ETFs more closely instead of brushing them off.

Cryptocurrency investors have long awaited the moment that an ETF-like product would emerge in the United States. Such products already exist in Canada and supporters argue that they allow for a safer entry into Bitcoin and crypto exposure for the less tech-savvy and that those used to traditional securities markets would feel more familiar. 

This news is republished from another source. You can check the original article here

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