On Friday night, May 21, Bitcoin(BTC)once again crashed under$35,000 for the 2nd time in a week following China revealing a crackdown on Bitcoin mining operations. Bitcoin short-term investors ended up scheduling heavy losses while whales started purchasing the dips.
The fascinating news is that simply as Bitcoin continues to trade at brand-new lows, SEC Commissioner Hester Pierce, likewise popular as the crypto mother, states that the U.S. bitcoin ETF is now long past due. Pierce said that the U.S. SEC is running out of excuses for not authorizing the Bitcoin ETF. Throughout an interview with Bloomberg on Friday, Pierce added:
“It’s well previous time that we approve an exchange traded item in Bitcoin. We have a lot more info now than we did. I’m hopeful that because we have new chairman and one that’s interested in this area we’ll have an opportunity to take a fresh look.”
Regardless of his greater affinity to the crypto space, the freshly selected SEC Chairman Gary Gensler has been giving combined signs on the approval of Bitcoin ETF. The SEC, nevertheless, is to announce its decision on the VanEck Bitcoin (ETF) by the end of June.
During an interview with Bloomberg previously this week, Ark Invest’s Cathie Wood said that she’s positive about her BTC rate target of $500,000. Besides, Wood thinks that with the current market correction, the chances of approval of a U.S. Bitcoin exchange-traded fund (ETF) has actually increased. “The chances are going up now that we have actually had this correction,” she stated.
Bitcoin ETF is anticipated to bring more legitimacy to the Bitcoin market with higher institutional participation. Besides, analysts have argued in the past that a Bitcoin ETF will definitely decrease the cost volatility.
Institutions Going On A Buying Spree In The Correction
While Bitcoin (BTC) enters sharp correction, the OTC offers at exchanges have soared. As CoinGape reported, institutions have been purchasing the dips in the middle of the current BTC Sell-off. As per the Glassnode data, the Bitcoin outflow from the OTC wallets has reached the highest in 2021.
The founder of Glassnode stated, Once again strong insti dip buying. The factor is that the data shows that the outflow of OTC wallets hit the greatest level this year. pic.twitter.com/ULjmnH6yvZ
—– Wu Blockchain (@WuBlockchain) May 22, 2021
On the other hand, simply at the time of Friday’s market crash, Wall Street banking giant Goldman Sachs has released a new report mentioning “Crypto is undoubtedly Top of Mid” and they are working on introducing more crypto product and services.
And Goldman enters pic.twitter.com/73rP5TcKfN
—– zerohedge (@zerohedge) May 21, 2021
The post SEC’s Hester Pierce and Ark Invest’s Cathie Wood Bats for Bitcoin (ETF) Amid Recent Correction appeared initially on Coingape.