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FX Business predictions vs BTC which soared past 55k USD, Prominent Hedge Fund Puts More Weight Behind BTC

Cryptocurrency Bitcoin, ETF approval expected by month’s end. According to the update on bullish BTC which soared past 50k USD, Prominent Hedge Fund Puts More Weight Behind BTC.

On account that the price of bitcoin soared past the $55K handle on Wednesday for the first time in four months projecting proponents hope the crypto bull run has been re-ignited.

Speculators are predicting a bitcoin exchange-traded fund (ETF) will be approved soonest and it is believed bitcoin will outperform other crypto assets this month.

ETF Analyst Eric Balchunas opens a  Discussion on Bitcoin Exchange Traded Fund Approval Odds while 13 digital currencies outperformed bitcoin (BTC) this past week, BTC has been on a top gain with 34.2% over the last seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800.

Few of the reasons behind bitcoin’s price spike is the rumor that an exchange-traded fund (ETF) may get the green light from the U.S. Securities and Exchange Commission (SEC).

Read Also: Cryptocurrency: Bitcoin jumps as traders head to Miami

Bloomberg ETF analyst Eric Balchunas discussed his opinion of the possibility on October 2 and shared a screenshot of the odds online. Balchunas also mentioned SEC chairman Gary Gensler, calling him “Genz,” and how he likes the futures version of the bitcoin ETFs.

“Yes, the SEC has kicked can on bitcoin ETF approval,” Balchunas tweeted. “BUT that is for the physically-backed ones under ’33 Act.

The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”

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