Bitcoin prices are rising again – here’s why

Cryptocurrencies are apparently ready to become mainstream in the US with the SEC reportedly ready to allow Bitcoin trading on the NYSE from next week.

After years of falling on the sidelines of the global economy, cryptocurrencies are poised to go mainstream in the US with the Securities and Exchange Commission (SEC) reportedly ready to allow Bitcoin trading on the New York Stock Exchange (NYSE) . The battle for acceptance has been long and hard for Bitcoin and other cryptocurrencies, but digital assets are now taking their first real step towards mainstream acceptance.

One of the biggest victories for the technology came earlier this year when El Salvador declared Bitcoin a legal tender. Following this announcement, companies in the country were required to accept Bitcoin as payment for goods and services, and Salvadorans are also able to pay taxes to the government with the world’s largest cryptocurrency. Developments in El Salvador and now the impending NYSE debut are massive boosts for the global crypto community, which had only recently helped under a crippling ban on all digital assets in China.


Related: US Treasury Crypto Plan: Proposed changes and what they mean explained

The first Bitcoin futures ETF is expected to debut in the US next week with ProShares Bitcoin Strategy ETF set to begin trading on the NYSE as early as Tuesday. The SEC, which has not yet made an official comment on the case, is unlikely to be said to be blocking the launch. The deadline for the SEC to file its objection is midnight Monday, but according to Bloomberg, it is unlikely to happen “only last minute chargeback.” If the launch goes through, the US will be one of the first to officially allow crypto-ETFs after Canada and the EU, with regulators earlier this year approving asset manager Melanion Capital to offer a Bitcoin-linked ETF.

Bitcoin prices near record highs

Bitcoin prices are rising again - here's why

Expectations of going mainstream in the world’s largest economy caused Bitcoin prices to rise. About Coindesk, the world’s largest cryptocurrency passed $ 60,000 on Friday, the highest since April 2021. The latest development is also a huge boost for crypto enthusiasts in the country, who only weeks ago were concerned about a possible ban on digital assets in the United States. However, that fear was allayed earlier this month when SEC Chairman Gary Gensler clarified that the agency does not plan to ban cryptocurrencies in the country.

While ProShares Bitcoin ETF is expected to debut on the NYSE next week, several other prominent fund managers, including VanEck Bitcoin Trust, Invesco, Valkyrie and Galaxy Digital Funds, have also reportedly applied to launch bitcoin ETFs in the US. Details on all ETF proposals were not immediately available, however Bloomberg reports that ProShares and Invesco proposals were submitted under existing mutual fund rules, which Gensler says provide investors with significant protection. This security is likely to be music to the ears of potential investors who are otherwise concerned about scams and scams related to Bitcoin and other cryptocurrencies.

Next: Is Bitcoin an Environmental Nightmare?

Source: Bloomberg

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