Bitcoin ETFs Start Trading In Brazil and Dubai. U.S. Yet To Approve One

·2 min read

Bitcoin exchange-traded funds (ETFs) have been launched in Brazil and Dubai. However, the United States is yet to approve a single cryptocurrency ETF application. The world’s leading economy is lagging in the cryptocurrency game.

Brazil and Dubai Bitcoin ETFs hit the market

South American giant Brazil and Middle Eastern nation Dubai have launched their Bitcoin exchange-traded funds. The ETFs began trading yesterday, the same day the US Securities and Exchange Commission (SEC) delayed its decision on yet another Bitcoin ETF.

The Brazilian Bitcoin ETF, called the Bitcoin ETF QBTC11, obtained the green light from the country’s regulatory agency in March. Bitcoin ETF QBTC11, launched by QR Capital, began trading on the Brazilian Stock Exchange (B3).

Meanwhile, the Dubai Bitcoin ETF was launched by the Canadian asset management firm 3iQ. Dubai regulators approved the ETF proposal in April, and it began trading on the Nasdaq Dubai bourse a few hours ago.

Market analysts believe that Bitcoin ETFs would make it easier for institutional investors to gain exposure to the cryptocurrency market. With Bitcoin ETFs, institutional investors can trade cryptocurrencies without actually holding the coin.

The US delays yet another Bitcoin ETF proposal

Bitcoin ETFs are now available in a few countries, including Canada, Brazil and Dubai. However, the United States is yet to approve one despite dealing with numerous proposals. The US SEC announced yesterday that it had postponed its decision on the Valkyrie Bitcoin ETF application until August 10.

The SEC was supposed to decide on June 26. However, it has extended the review period by another 45 days. This is the third application it has postponed the decision process so far this year, after making similar moves with the WisdomTree and VanEck proposals.

Some analysts have tied Bitcoin’s price prediction to the approval of an ETF in the United States. With a Bitcoin ETF in the US, the cryptocurrency market could be exposed to billions of dollars. The crypto market could also achieve the mainstream status it is seeking.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

However, at the moment, institutional investors will have to gain exposure to Bitcoin by investing in ETFs in Canada, Brazil and Dubai or via other investment vehicles. Bitcoin’s price is down by 2% over the past 24 hours, and it is currently trading just above $33k per coin.

This article was originally posted on FX Empire


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