Bitcoin, Ethereum, Dogecoin Spike As Valkyrie Funds Secures SEC Approval For ETH ETF Futures: Analyst Declares Bull Market Finally Here As 'Markets Are Heating Up'

Major cryptocurrencies saw a surge in value on Thursday evening following the news that investment manager Valkyrie Funds LLC has reportedly received regulatory approval from the Securities and Exchange Commission (SEC) to introduce Ethereum futures to its existing Bitcoin futures exchange-traded fund. 

What Happened: The Valkyrie Bitcoin and Ether Strategy ETF, is scheduled to launch on Monday, October 2, as confirmed by Valkyrie’s chief investment officer, Steven McClurg, in an interview with Reuters.

This ETF will offer investors the opportunity to access futures based on Ethereum or “ether” contracts via an exchange-traded fund, marking a significant milestone for the cryptocurrency market.

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Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.80% increase in the last day.

Stocks rebounded on Thursday as Wall Street aimed to recover from the significant losses seen earlier this month. Traders closely monitored Treasury yields amidst mounting concerns. The S&P 500 rose by 0.59%. Meanwhile, the Nasdaq Composite surged by approximately 0.83%.

The easing of Treasury yields, which had reached multi year highs, provided a boost to the major averages. In recent times, stocks have been grappling with the impact of rising yields and the potential for prolonged higher interest rates.

On Thursday, the yield on the benchmark U.S. 10-year Treasury edged higher to a 15-year peak following labor market data. Initial jobless claims came in lower than expected, affirming the resilience of the job market.

While there was a slight increase in the number of Americans filing for unemployment benefits, with last week’s figure reaching 204,000, it is important to note that layoffs remained remarkably low and there were no indications of rising unemployment. The government reported that new jobless claims in the prior week were revised to 202,000.

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Analyst Notes

Crypto analyst Michael Van de Poppe declares that the bull market is finally here.  "Markets are heating up, left and right."

Pseudonymous analyst, Rekt Capital, suggests that BTC has the potential to rally as high as approximately $29,000 and establish a new Lower High.

Another pseudonymous analyst CrediBull provided some initial thoughts on the current BTC bullish run. "Nice pop here but hasn’t confirmed anything yet." 

"We clear $28.1k and things will get more serious- will update if/when that occurs as the implications are big if it does," he said.

Photo by Fernando Cortes on Shutterstock

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