Bitcoin Keeps Ripping as ETF Hopes Return

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Bitcoin Keeps Ripping as ETF Hopes Return

The world’s top cryptocurrency hit new highs overnight as good news added to bullish momentum.

Bitcoin (BTC) pushed over $12,900 this morning, its highest price since January 2018. It’s up more than 40 percent in the last week and more than 250 percent so far this year.

Yesterday, the U.S. Securities and Exchange Commission published a proposed rule change by NYSE Arca. The purpose? “To provide for issuance and redemption of such securities for the underlying commodity,” and “to list and trade shares … of the United States Bitcoin and Treasury Investment Trust.”

In other words, a Bitcoin exchange-traded fund (ETF). This has been the Big Kahuna for blockchain bulls for years, but stymied again and again by the SEC. Will they succeed this time? After all, the industry now enjoys support from major financial institutions like Facebook (FB) and JPMorgan Chase (JPM).

Bitcoin (BTC) and Ethereum (ETH), showing three-month percentage changes.
Bitcoin (BTC) and Ethereum (ETH), showing three-month percentage changes.

In another interesting tidbit, conservative economist Stephen Moore reportedly wants to establish a “central bank” for managing cryptocurrency volatility. Moore was President Trump’s failed nominee for the Federal Reserve.

The next big question may be how long BTC can keep rallying before other cryptocurrencies catch up. Interestingly, the No. 2 coin Ethereum (ETH) may be starting to close the gap against BTC. It’s up about the same as BTC in the last 24 hours, but much less on a monthly and year-to-date basis.

In conclusion, cryptocurrencies are still pushing higher as positive news keeps trickling out.

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