There was a false leak today about a possible Bitcoin exchange traded fund, ETF approval.
The leak was false, but Bitcoin’s price was volatile intraday.
There could be a classic ‘Buy The Rumour, Sell The News' development before and after the Securities and Exchange's decision on the Bitcoin ETF is announced, according to Wolfteam Ltd.'s corporate view.
A Bitcoin ETF will most probably ensure much needed liquidity by transferring money to and fro from the New York Stock Exchange or Nasdaq and over the counter cryptocurrencies trading markets, where the Bitcoin ETF will be listed.
This liquidity will find its way into Bitcoin, Ethereum, Ripple, Dogecoin other cryptocurrencies trading. The new found cryptocurrencies liquidity will attract new investment flows from established, institutional asset managers, hedge funds and even endowments and pension funds.
Asset managers, endowments and pension funds will be attracted by the regulation cover public trading on either the New York Stock Exchange or Nasdaq provides for a probable Bitcoin ETF. This newfound regulatory stability will bring in even more investment flows into cryptocurrencies and thus possibly raise the prices of Bitcoin, Ethereum, Ripple, Dogecoin and other more obscure cryptocurrencies and thus benefit the whole cryptocurrencies asset class.
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