CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode Due to ETF Buzz
October 9, 2018
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Cryptocurrency analyst Ran Neuner — host of the CNBC show Crypto Trader — believes BTC prices are “about to explode,” citing bullish market buzz about the near-term possibility of an SEC-approved bitcoin ETF.
“I just bought bitcoin for my parents. It’s too obvious that it’s about to explode,” Neuner tweeted on October 7.
Neuner said the mounting expectation that the Securities and Exchange Commission could soon approve a bitcoin ETF could send prices through the roof.
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Countdown To SEC Deadline
Neuner, the CEO of crypto investment firm Onchain Capital, noted that around this time last year, BTC surged on reports that a cash-settled futures contract would launch.
Neuner reasoned that SEC approval of a bitcoin ETF would be much bigger news than a futures contract, and would have a more dramatic impact on the market.
“Last year, around this time, BTC went from $6,691 (Nov. 11) to $20,000 (Dec. 17) in 5 weeks,” Neuner tweeted. “This on the back of the expectation and launch of a cash settlement BTC futures contract.”
He continued: “An ETF is a way bigger deal and requires actual purchase of BTC. 2 looming SEC decision deadlines ahead.”
Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.
Meanwhile, the SEC has set a November 5 deadline to review nine bitcoin ETF applications. Some market experts predict that a bitcoin ETF is likely to be approved in early-2019.
In July 2018, the SEC rejected the Winklevoss twins’ second attempt to launch an exchange-traded fund that tracks the price of bitcoin. The agency had rejected Cameron and Tyler Winklevoss’ first such application in March 2017.
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