A surge in Bitcoin prices today may be in response to increased speculation that an exchange-traded product could finally be approved in the coming weeks.
BTC prices are up 7% over the past 24 hours and have surged a whopping 32% over the past week according to CoinGecko. This bullish price action for BTC only, may be a form of front-running by big bag holders in anticipation of a futures ETF approval by the U.S. Securities and Exchange Commission.
On Oct. 7, Bloomberg senior analyst Eric Balchunas responded to an exclamation from founder and partner at Morgan Creek Digital, Anthony Pompliano, stating “things are going to get insane” if an ETF is approved in Q4. Balchunas reaffirmed he was 75% certain approval was imminent.
“While we [are] confident