With the recent decision of the US Securities and Exchange Commission (SEC) not to overturn the Grayscale Bitcoin ETF (CRYPTO:BTC) case, the cryptocurrency market has seen a whirlwind of turmoil following false reports of Bitcoin approval. spot fund (ETF) that... This shows strong expectations for this achievement in the institutional sector.
Experts agree that fake news driving up Bitcoin prices shows significant market influence on the adoption of Bitcoin exchange-traded funds.
In a conversation with Benzinga, they highlighted the potential for greater adoption of Bitcoin, increased trading volumes and capital flows, and stressed the need to create a fair, manipulation-free market environment.
This ongoing story will be the central theme of Benzinga's Future of Digital Assets conference scheduled for November 14, where experts will delve into the potential impact and future realities of Bitcoin exchange-traded funds.
Marcus Levin , co-founder of the XYO Network, believes that the adoption of BTC-traded funds will significantly increase the adoption of Bitcoin, especially among institutions.
"Bitcoin rallied sharply after the false announcement of support for the BTC ETF, indicating broad institutional expectation," Levin said.
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Levin predicts a massive influx of capital into the market following the ETF sanctions, leading to significant upside potential. While he expects the green light to be given early next year, he stressed that it is only a matter of time.
Brian D. Evans , CEO and founder of BDE Ventures , echoed similar sentiments, noting the huge hype surrounding the Bitcoin ETF.
"Bitcoin's rise in value following news of the now devalued adoption suggests that real-world events could lead to an even bigger jump," he said, adding that adoption could come sooner than many expect, suggesting ... The cryptocurrency industry may soon become a transition today from "crypto-resources" to "crypto-flights".
Dave Weisberger , CEO and co-founder of CoinRoutes , explained the potential for market manipulation highlighting this event.
"While there is a clear latent demand in the market, the role of the SEC is not to influence winners and losers in the market, but to ensure fairness and balance," he said.
The Securities and Exchange Commission (SEC) has decided not to appeal a court ruling ordering it to reconsider Grayscale's rejection of Grayscale's proposal to turn its Bitcoin fund into an ETF.
The decision could accelerate the approval of the first Bitcoin ETF in the US.
Read more: Is Bitcoin superior to gold and silver? A famous cryptanalyst made a bold statement
Meet and network with business leaders and investors in transformative digital assets and cryptocurrencies at Benzinga's exclusive event: The Future of Digital Assets . Tickets are flying: get your tickets !
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