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Bitcoin ETF Approved by the SEC

GB Market Commentary 18/10/2021

by Marcus Sotiriou

The crypto markets are filled with optimism as the SEC have finally approved a Bitcoin (futures) ETF! This has resulted in Bitcoin reaching its highest ever weekly close of $61,500 approximately.

Even though the Bitcoin ETF will give people access to the space who did not have access before, it is a Futures ETF, which is not backed by anything - a spot ETF is more optimal.

There was more Bitcoin news on Friday as Square CEO Jack Dorsey announced that his company is starting a deep investigation to create an open-source Bitcoin mining system. This would make Bitcoin mining more accessible to everyone, as it is currently complex for someone to run a miner themselves.

Lastly, Facebook announced plans to hire 10,000 people in the European Union to build the metaverse. Facebook said “The metaverse has the potential to help unlock access to new creative, social, and economic opportunities.”


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