Bitcoin inches closer to $30K as ETF hope drives bulls
Yes, that is correct. Bitcoin is trading above $28,500 on Friday, October 20, as investors remain hopeful for a US Bitcoin exchange-traded fund (ETF) approval. The Securities and Exchange Commission (SEC) has recently declined to appeal a court ruling that blocked its rejection of a Bitcoin ETF application from Grayscale Investments. This has been seen as a positive sign for the industry, and many investors believe that a Bitcoin ETF approval could boost demand for the cryptocurrency and drive its price higher.
There are a number of reasons why investors are hopeful about the approval of a Bitcoin ETF. First, ETFs are a popular investment vehicle for institutional investors, and their approval would make it easier for institutional investors to invest in Bitcoin. Second, ETFs are seen as a more regulated and less risky way to invest in Bitcoin than buying the cryptocurrency directly. Third, the approval of a Bitcoin ETF would be a major sign of legitimacy for the cryptocurrency and could help to attract new investors.
Of course, there is no guarantee that the SEC will approve a Bitcoin ETF. However, the recent developments are a positive sign, and investors are hopeful that a Bitcoin ETF approval could be coming soon.
