The leading cryptocurrency Bitcoin failed to rally with global markets this week triggered by cooling US inflation. The recent decoupling of Bitcoin from the global markets has left investors worried about the token’s outlook.
Sui Chung, CEO of the crypto index provider CF Benchmarks, says he is “very optimistic” about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF).
Former Securities and Exchange Commission (SEC) chairman Jay Clayton has said that a spot Bitcoin (BTC) exchange-traded fund (ETF) is likely to get approved if it can be shown that the Bitcoin spot market offers the same “efficacy” as the futures market.
Bitcoin (BTC) fell lower over the course of last week, as optimism faded among market participants in the face of potentially higher interest rates in the US.