[Bitcoin Now] Cryptocurrency ETF Launch Expectations Drive Rebound to 53 Million Won Range

Gary Gensler, US SEC Chair, "Expecting SEC to Review Bitcoin ETF Documents"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin rebounded to the 53 million KRW range. The cryptocurrency market is also taking this as good news after Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), mentioned the possibility of approving a Bitcoin exchange-traded fund (ETF).

According to the domestic cryptocurrency exchange Upbit, as of 9:40 PM on the 30th, Bitcoin recorded 53 million KRW, up 4.33% compared to the previous day. It even rose to 53.28 million KRW at 1:04 PM on the same day.

Gensler Chairman's indication of the possibility of launching a cryptocurrency ETF is interpreted as having a positive impact. According to cryptocurrency specialized media CoinDesk on the 29th (local time), Gensler said at a conference hosted by the U.S. economic media Financial Times, “A Bitcoin ETF invests in futures contracts and does not invest directly in Bitcoin itself,” and “I expect the SEC department in charge to review the relevant documents.”

As a result, expectations for the launch of cryptocurrency ETFs in the cryptocurrency industry are also growing. Matthew Deep, Chief Operating Officer (COO) of cryptocurrency investment firm Stack Funds, said, “A new wave of optimism has emerged around the launch and approval of cryptocurrency ETFs in the U.S.” CoinDesk predicted that the SEC will decide whether to approve the Bitcoin ETF in the upcoming fourth quarter.

The industry predicts that if the U.S. SEC approves cryptocurrency ETFs, the cryptocurrency market will grow even larger. This is because investors who find it difficult to access cryptocurrencies or are anxious about volatility and hacking risks can be attracted through cryptocurrency ETFs.

Meanwhile, there is also a forecast that Bitcoin will show strength by the end of this year. According to U.S. economic media CNBC on the 29th, Michael Novogratz, CEO of Galaxy Digital, said, “High-quality investment asset classes tend to show strength as the year-end approaches,” and “Bitcoin will also rise after mid-October.” He also claimed that the current sideways movement of Bitcoin is a groundwork for an upward trend.

This content was produced with the assistance of AI translation services.