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As the cryptocurrency market continues to evolve, the highlight is on the highly anticipated Spot Bitcoin (BTC) Exchange Traded Fund (ETF). Friday is a day for applicants vying to launch the first Bitcoin ETF.
According to an article by Fox Business reporter Eleanor Terrett, Bitcoin ETF applicants and the Securities and Exchange Commission (SEC) would continue to interact in ongoing discussions and evaluations. Applicants will be required to submit comprehensive proposals that address regulatory concerns, market surveillance measures, security. Physically powerful custody solutions and business systems.
Meanwhile, the SEC, on the other hand, will scrutinize these proposals, assessing their compliance with existing securities regulations. Also, the SEC will look closely at investor protection, market integrity, and the overall impact on the financial markets. The SEC is likely to seek clarification, request additional information, or raise concerns during this evaluation process.
– Eleanor Terrett (@EleanorTerrett) January 5, 2024
It is worth noting that, while the expected timeline of approval and permitted date for launching the ETF trading may be uncertain currently, the consensus amongst traders and investors is currently hinged towards securing an approval for the spot Bitcoin ETF product.
Recently, Mister Crypto, a famous crypto analyst, said that he expects BTC values to increase by as much as 10% after the approval of the Bitcoin Spot ETF. This implies that BTC’s value could surpass the $48,000 mark, reaching a new high for Bitcoin Spot ETF. In addition, investment asset manager Bitwise has predicted that this year will see the approval of the Bitcoin spot ETF, which would push the value to $80,000.
Meanwhile, Matrixport, the crypto-focused financial services platform shook the crypto community with a bold forecast on Bitcoin price and the SEC’s stance on spot Bitcoin ETF decisions. According to their report, the SEC will reject all pending applications this month, triggering a sharp decline in Bitcoin’s value to a low of $36,000.
Notably, discussions about the rejection of Bitcoin ETFs have shaken the entire crypto industry, leading to new uncertainties. The value of the coin fell especially due to the unconfirmed report from Matrixport.
However, the ETF filers have fulfilled their obligations by submitting the final amendment of their S-1 filings as mandated by the SEC. As such, the decision of either approval or rejection rests with the agency with market proponents choosing to remain optimistic.
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