Search for:

This October 20, 2021, Bitcoin (BTC) reached a new All-Time-High (ATH) again. Now, after six months of waiting, we could see a price of over $66,900 per coin [CoinMarketCap]. At this point, it’s already receded a bit to $65,000. But the market is still bullish, especially in the light of more good news.

This same week, the U.S. Securities and Exchange Commission (SEC) approved the first long-awaited Bitcoin ETF in the country. So, the new ProShares Bitcoin Strategy ETF (BITO) was released on October 19 and raised over one billion dollars in volume on its inaugural day. That’s why the new Bitcoin ATH. And that’s why the approval of the next Bitcoin ETFs is almost a fact.

Apparently, the SEC already approved two more Bitcoin ETFs. This way, the second Bitcoin ETF of the nation would be the Valkyrie Bitcoin Strategy fund (BTF). This instrument, also pegged to Bitcoin futures, will begin trading on Nasdaq on Friday (October 22).

The third approval is for VanEck and its Bitcoin Strategy ETF (XBTF). This one was approved to start on October 23. But, since is Saturday, the trading would begin on October 25 (Monday). According to their filing:

“The Fund is an actively managed exchange-traded fund (’ETF’) that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled bitcoin futures contracts (’Bitcoin Futures’) traded on commodity exchanges registered with the Commodity Futures Trading Commission (’CFTC’), such as the Chicago Mercantile Exchange (the ‘CME’). The Fund does not invest in bitcoin or other digital assets directly.”

All the good news has changed the cryptocurrency market into an “Extreme Greed” state, according to the Crypto Fear & Greed Index. The total cryptocurrency market capitalization increased by over 10% in the last week.

New Bitcoin ATH = Regulations

Bitcoin and the whole cryptocurrency markets are now too popular worldwide to just ignore them. The lawmakers everywhere know this. Therefore, new laws and rules are already in the making in several countries. Especially after this Bitcoin ATH. Of course, some of them already have their own regulations about it, but that doesn’t mean they can’t increase or change.

bitcoin-ath-67k-regulations

Recently, the senior Bank of England official Jon Cunliffe assured that cryptocurrency regulation “needs to be pursued as a matter of urgency”. Meanwhile, the UK Financial Conduct Authority (FCA) is already promoting a social media campaign to warn young investors about the risks of cryptocurrencies. This, after they discovered that over 76% of those aged under 40 have invested in high-risk products such as cryptocurrency.

In the United States, several laws are still pending, including the polemic infrastructure bill to increase crypto taxation. For its part, the new Regulation on Markets in Crypto Assets (MiCA) will come to the European Union between 2022 and 2023. This new framework will especially affect the use of stablecoins, token issuers, and cryptocurrency companies. All of them will need to comply with some basic rules.


Featured Image by ktphotography / Pixabay


Wanna trade Bitcoin and other tokens? You can do it safely on Alfacash! And don’t forget we’re talking about this and a lot of other things on our social media.

Twitter * Telegram * Facebook * Instagram * Vkontakte

Author

Literature professional in the crypto-world since 2016. Writer, researcher, and bitcoiner. Working for a better world, with more decentralization and coffee.

Write A Comment

en_USEnglish