Bitcoin Futures ETF Expected to Launch on the NYSE Later Today
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The highly-anticipated launch of the first Bitcoin (BTC) Futures Exchange-Traded Fund (ETF) in the United States is finally here as reports confirm that a product could go live today.
The argument of whether the United States Securities and Exchange Commission (SEC) would ever approve a Bitcoin ETF has remained a topical issue for years. After rejecting proposals after proposals, the SEC appears to have shifted its stance on BTC futures contracts and ETFs, as new reports show that several ETF proposals could get greenlighted over the coming weeks.
A recent report from the New York Post stated that the Commission should approve a BTC futures ETF proposed by ProShares on October 19. It read that “ProShares and the New York Stock Exchange have both confirmed that the formers’ Bitcoin Futures ETF will officially be released tomorrow – October 19.” ProShares filed for its Bitcoin Strategy ETF earlier this year.
Commenting on the development, CEO of ProShares, Michael Sapir, noted that “2021 will be remembered for this milestone.”
Michael asserted that investors that have shied away from the benchmark cryptocurrency until now have “convenient access to Bitcoin in a wrapper that has market integrity.”
SEC Chairman Gary Gensler recently hinted at the possibility of approval of a Bitcoin Futures ETF due to improved projection for investors.
Key Bitcoin Levels to Watch — October 19
BTC reacted positively to the possible launch of an ETF sending the price on a 12% upward journey to the $63K peak. We could see a similar rally today as the price appears to be holding up pretty well above the critical $60K psychological level.
Notably, BTC price remains glued to our 97-day-long ascending channel as it makes its way back to the $65K top. That said, we expect to see a steady climb towards the previous high, but we need a clean break above the $63K barrier soon.
Meanwhile, our resistance levels are at $63,000, $64,000, and $65,000, and our key support levels are at $61,785, $61,000, and $60,000.
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Bitcoin Market Capitalization: $1.17 trillion
Bitcoin Dominance: 47.1%
Market Rank: #1
