SEC Delays Decision on Spot Bitcoin ETFs
According to experts, the U.S. Securities and Exchange Commission (SEC) is potentially paving the way for spot Bitcoin ETF approvals in early January 2024. The SEC recently delayed its decision on spot Bitcoin ETF applications from Franklin Templeton and Hashdex, seeking new commentary for its review. This comes after the SEC announced its plan to extend the period for public input in November 2023. The decision on both filings was originally due on January 1, 2024, but the SEC published its delay order ahead of schedule.
Early Update Indicates Synchronization of Applications
An ETF expert, James Seyffart, believes that the SEC’s early update could be a sign that it is synchronizing applications for spot Bitcoin ETF approvals from all 12 issuers, including BlackRock and Grayscale. While the likely approval date is expected to be in the first few weeks of January, these predictions are not set in stone and are based on the SEC’s procedures.
Bullish Sentiment Surrounding Spot Bitcoin ETFs
Despite the delay in the SEC’s decision, Bitcoin (BTC) saw a 3% increase in price and traded above $38,000 on exchanges like Binance. The price of Bitcoin has experienced three consecutive months of growth due to bullish sentiment surrounding spot Bitcoin ETFs. Institutional players have been taking long positions in anticipation of a potential SEC approval.
Hot Take: Crypto Market Reacts Positively to Delayed Decision
The recent delay in the SEC’s decision on spot Bitcoin ETFs has not deterred market optimism. Instead, Bitcoin’s price has continued to rise, indicating strong investor confidence in the potential approval of these ETFs. Institutional players are positioning themselves for a positive outcome and are taking long positions in Bitcoin. While the exact timeline for a decision is uncertain, market participants remain hopeful that January 2024 will bring sweeping approvals for spot Bitcoin ETFs.
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