Bitcoin Could Be Boosted By A New Potential ETF
Story by: Billy Bambrough
Bitcoin, as well as other major cryptocurrencies, could be in line for a boost after reports bitcoin wallet provider and cryptocurrency exchange Coinbase is weighing whether to develop a bitcoin exchange-traded fund in partnership with the world’s biggest asset manager, BlackRock.
The price of bitcoin and other cryptocurrencies took a dive this week after it was reported U.S. investment bank Goldman Sachs is shelving plans to set up a cryptocurrency trading desk — casting doubts over how much interest there is in bitcoin and cryptocurrency from Wall Street and institutional money.
Bitcoin’s price has been supported this year by the assumption that big banks and money managers were about to pile into cryptocurrency, though most firm’s plans, first hatched in the midst of bitcoin’s bull run last year, are still at an early stage.
Many banks took an interest in bitcoin and cryptocurrencies as a result of its bull run last year.COINDESK
The U.S. Security and Exchange Commission (SEC) is currently looking into whether to grant approval for a bitcoin ETF proposal from money management firm VanEck and crypto startup SolidX and could lead to a fresh injection of investor cash into bitcoin.
Original story: https://tinyurl.com/y8zzjm8e
by 