Share This Post

Articles / News/PR

Bitcoin Records Highest Surge with Upcoming Decision on ETF

Bitcoin Records Highest Surge with Upcoming Decision on ETF

TBitcoin recorded a never-before high this Friday by climbing to a record $1,298 on the BitStamp platform. It was last seen trading at $1,263.01 and with the surge of 5% on Friday, it has surged over 30 percent this year.

This surge resulted due to an impending final decision by the U.S. Securities and Exchange Commission (SEC) that’s expected on

TBitcoin recorded a never-before high this Friday by climbing to a record $1,298 on the BitStamp platform. It was last seen trading at $1,263.01 and with the surge of 5% on Friday, it has surged over 30 percent this year.

This surge resulted due to an impending final decision by the U.S. Securities and Exchange Commission (SEC) that’s expected on March 11, to an application by the investors – Tyler and Cameron Winklevoss, filed approximately four years ago for a bitcoin ETF. If approved, it would be the first bitcoin ETF issued by any U.S entity.

Daniel Masters, portfolio manager, Global Advisors Bitcoin investment program said, “There’s one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That’s the only game in town.”

Bitcoin is a digital currency that is used to virtually transfer money around the world. It fosters a quick way of moving money around, without requiring any central authority.

It works on the principle of ‘mining’ computers, which validate transaction blocks. They compete to unravel the mathematical puzzles in a duration of 10 minutes. The first to solve the riddle and clear the transaction is given new bitcoins.

Bitcoin wallet KeepKey’s CEO, Darin Stanchfield, while throwing some light on the effect of the decision said that it would be a market booster. “It should add a fair amount of liquidity to the bitcoin market,” added.

This is not the only ETF application with SEC to date. They have two other bitcoin ETF applications as well. One belongs to Grayscale’s Bitcoin investment trust which was filed with SEC in March last year. Barry Silbert, bitcoin advocate along with his Digital currency group filed this application.

Another comes from a U.S technology company called SolidX Partner Inc., who also filed their application in July last year.

The CEO at hedge fund Pantera Capital, Dan Morehead, in his recent letter to investors said that the price of the bitcoin varies with the use of currency in transactions, and per him, both have risen considerably.

He also predicts a possibility of bitcoin price rising to nearly $2,288 by the year end.

March 11, to an application by the investors – Tyler and Cameron Winklevoss, filed approximately four years ago for a bitcoin ETF. If approved, it would be the first bitcoin ETF issued by any U.S entity.

Daniel Masters, portfolio manager, Global Advisors Bitcoin investment program said, “There’s one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That’s the only game in town.”

Bitcoin is a digital currency that is used to virtually transfer money around the world. It fosters a quick way of moving money around, without requiring any central authority.

It works on the principle of ‘mining’ computers, which validate transaction blocks. They compete to unravel the mathematical puzzles in a duration of 10 minutes. The first to solve the riddle and clear the transaction is given new bitcoins.

Bitcoin wallet KeepKey’s CEO, Darin Stanchfield, while throwing some light on the effect of the decision said that it would be a market booster. “It should add a fair amount of liquidity to the bitcoin market,” added.

This is not the only ETF application with SEC to date. They have two other bitcoin ETF applications as well. One belongs to Grayscale’s Bitcoin investment trust which was filed with SEC in March last year. Barry Silbert, bitcoin advocate along with his Digital currency group filed this application.

Another comes from a U.S technology company called SolidX Partner Inc., who also filed their application in July last year.

The CEO at hedge fund Pantera Capital, Dan Morehead, in his recent letter to investors said that the price of the bitcoin varies with the use of currency in transactions, and per him, both have risen considerably.

He also predicts a possibility of bitcoin price rising to nearly $2,288 by the year end.

Share This Post

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

×
Skip to toolbar