After the crypto market price gushed out, Bitcoin And Ethereum are geared up for a massive turn out in October. Bitcoin and cryptocurrency prices have surged into October after a difficult September, with the crypto market charging back over $2 trillion.
The bitcoin price has soared up the ethereum price and increasing expectations among crypto bulls that prices could return to their all-time highs before the end of 2021.
Price per bitcoin is now nudging $50,000 after dropping under the closely-watched level in early September—even after Tesla chief executive, Elon Musk, issued a serious bitcoin warning while the price of ethereum is approaching $3,500 per ether after falling as low as $2,600 last month.
Speculations are swirling among bitcoin, ethereum and cryptocurrency bulls that a long-awaited U.S. bitcoin exchange-traded fund (ETF) could be approved in October—with verdicts expected on a clutch of ETF applications.
“Following the August 3 quotes from U.S. Securities and Exchange Commission chairman, Mr. Gary Gensler, a futures-based ETF seems most likely to get approved as of now, so the ETF response bonanza in October could be an exciting period to follow,” Arcane Research analyst Vetle Lunde wrote this week. There are five ETF application responses from the SEC expected in October, with a few more due 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 route toward approval. Since 2013, the SEC has rejected several attempts to create a bitcoin ETF, citing the potential for price manipulation.
“The bitcoin market could be heating up shortly, caused by anticipations leading into the ETF verdicts,” added Lunde, predicting bitcoin and crypto traders “might seek to front-run in case of approvals.”
Meanwhile, independent research boutique Fundstrat , noted that Gensler appears receptive to the idea of a bitcoin futures ETF and such a fund could attract more attention than the lackluster interest in bitcoin mutual funds.
However, billionaire investor Chamath Palihapitiya revealed he poured “hundreds of millions” into bitcoin and predicts the bitcoin price will continue to climb as it replaces gold.