The bitcoin price has been bouncing around from $6,000 to over $8,000 in recent months, but that could soon change. Many investors are looking forward to the U.S. Security and Exchange Commission's (SEC) decision later this month on whether to grant approval for a bitcoin exchange-traded fund (ETF) — something the SEC has previously rejected due to fears around bitcoin's wild price swings and price manipulation.
But others are looking beyond that, pointing to the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), plans to roll out a bitcoin ETF on November 5.
In July, ICE revealed that it was launching a bitcoin and cryptocurrency platform called Bakkt in partnership with coffee chain Starbucks, software giant Microsoft, and Boston Consulting Group.
An ETF will be launched under Bakkt, which will also facilitate a scalable ecosystem for federally regulated markets and warehousing.