The approval of a Bitcoin ETF is the most awaited thing by all cryptocurrency investors worldwide as this would bring the market to a whole new level. 2018 has been one of the worst years for bitcoin investors with the price falling down from around $20,000 before the start of the year to a whopping low of around $3200 in the ending month. The SEC has been constantly delaying its decision on the Bitcoin ETF application by VanEck. Just a few days back the SEC has been ordered to provide a final decision on the approval or disapproval of the VanEck Bitcoin ETF on 27th February 2019.
The approval of VanEck Bitcoin ETF by the SEC will not only be a great news for bitcoin investors but also for other altcoin investors too as this would open the doors for the approval of ETF’s for other cryptocurrencies as well in future. There are four main reasons why we believe that SEC may approve the VanEck Bitcoin ETF in February 2019:
1. Bakkt Exchange Launch:
Bakkt exchange has announced its launch date in January 2019 which will feature the trading of physical bitcoin futures. The exchange was earlier set to launch this year end but the launch was delayed to due to the fact that the company believes that they need some more than time in order to ensure that their customers are ready to trade on the 1st day of the launch itself. The best part of Bakkt is that the CEO Kelly Loeffler is the wife of the CEO of Intercontinental Exchange and Chairman of the New York Stock Exchange.
2. Nasdaq to launch Bitcoin Futures trading in early 2019:
Nasdaq, the second largest stock market in the world by market capitalization is all set to launch Bitcoin Futures trading in the first quarter of 2019. This step by Nasdaq would surely spread the wave of Bitcoin to the masses.
3. World’s first Bitcoin ETP approved:
Last month, the government of Switzerland had approved the world’s first Bitcoin ETP which is providing a great opportunity for institutional investors to invest in cryptocurrencies. The ETP is being offered by Amun AG, a cryptocurrency startup and is listed on ‘SIX Exchange’ which is the 4th largest exchange by market cap in the whole of Europe.
4. MVBTCO (MVIS Bitcoin US OTC Spot Index) Launch:
MV Index Solutions, a company that is somehow linked to VanEck has launched an OTC (Over the counter) Bitcoin price index for promoting transparency in the world of cryptocurrency. MVBTCO is now being used by big industry players such as Circle Trading, Genesis Trading, and Cumberland.
Earlier this year, the Winklevoss Twins (Gemini) Bitcoin ETF application was denied by the SEC and the reason behind it is being quoted as a lack of transparency in the cryptocurrency atmosphere. As of now, the market is exploring new ways to bring out transparency in the crypto space to convince the authorities to approve cryptocurrency ETFs.