Bitcoin News and Development as BTC Price Surges

October 18, 2021 at 08:26 AM GST updated: October 18, 2021 at 08:40 AM 2 mins read News

US SEC may approve the first futures bitcoin ETF this week.
El Salvador’s bitcoin app Chivo is receiving more USD to buy bitcoins compared to BTC withdrawals.
Square is considering creating a distributed bitcoin mining system.

It appears the bears will hibernate earlier than expected, as Bitcoin price returned to $60,000 and is close to exceeding its all-time high (ATH).

BTC/USDT 1-day chart (source: TradingView)

At the time of writing, Bitcoin price is at $62,262.86, according to CoinGecko.

Here are various mainstream Bitcoin news and developments that may have contributed to the strong market position of the crypto.

First Futures Bitcoin ETF to Start Trading

Various media outfits reported that the US Securities and Exchange Commission (SEC) may approve the first bitcoin futures exchange-traded fund (ETF) this coming week.

According to Bitcoin IRA COO Chris Kline,

“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday. As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured, and reconciled so that it makes sense in traditional finance.”

El Salvador’s Chivo Receiving USD to Buy Bitcoin

Despite earlier criticisms from detractors saying that the Chivo app is only used for withdrawing free BTC, El Salvador President Nayib Bukele revealed positive news. According to his Twitter account, users are injecting US dollars to buy bitcoins. In fact, the amount of USD being used to buy BTC is higher than the BTC withdrawals.

Moreover, the country witnessed a total of 24,076 remittances in one day, which amounted to $3,069,761.05.

2 new Chivo Facts:

1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).

2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).
— Nayib Bukele (@nayibbukele) October 16, 2021

Square Mulling Over Open Source Bitcoin Mining

Meanwhile, Twitter creator Jack Dorsey revealed that their company Square is considering the creation of a bitcoin mining system. This may use custom silicon and is open source, which means that the crypto space can become more involved.

Our team led by @jessedorogusker will start the deep technical investigation required to take on this project. We’d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We’ll update this thread as we make our decisions. And now over to Jesse.
— jack (@jack) October 15, 2021

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