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From Tyler Durden: With the SEC decision to approve a Bitcoin ETF looming, the payrolls data-inspired weakness in the USD appears to have sparked a sudden panic bid in Bitcoin, spiking the virtual currency to $1305 — new record highs.
Hard to say if someone ‘knows’ something about the SEC decision or this is a kneejerk to the dollar drop…
Additionally, as Bloomberg points out, BitMEX, a bitcoin platform, is offering members the ability to place bets using the digital currency on whether the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) will be approved by the SEC. Based on the betting, the ETF has a 45% chance of approval. Odds started at about 33% a month ago and jumped to 70% last week before fading. The lawyer who worked on the initial application said it’s unlikely to get approved, while some analysts call it a “coin toss.”
The Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) is arguably the most anticipated ETF of all time. It’s been four years in the making and gone through more than a dozen revisions since first being submitted to U.S. regulators.
The SEC will reportedly rule on the ETF by the end of the day today, although there’s always the potential for yet another extension of the ruling.
This article is brought to you courtesy of ZeroHedge.