Fidelity Meets SEC Over Bitcoin ETF
The US Securities and Exchange Commission (SEC) recently met with asset manager Fidelity to discuss its proposed spot Bitcoin exchange-traded fund (ETF). During the meeting, Fidelity presented a detailed paper outlining the creation and redemption models for the ETF. The presentation highlighted the coordination between various parties involved in creating and delivering the ETF shares to the market maker. Notably, registered broker dealer entities would not touch the coins in any workflow. Fidelity’s ‘FBTC’ ticker symbol also appeared on the US Depository Trust and Clearing Corporation website, further indicating progress in its ETF proposal.
What’s Next For the BTC Price?
The recent engagements between Bitcoin ETF applicants and the SEC have contributed to increasing bullish sentiments in the crypto market. Crypto trader Mags suggested that Bitcoin is currently testing an important level and identified two scenarios: one where the price moves towards $48,000 and another where it retraces to $35,000. Regardless of which scenario unfolds, Mags believes that the overall market sentiment will remain bullish. On the other hand, asset manager VanEck predicts that Bitcoin’s price is unlikely to drop below $30,000 in Q1 2024 and could reach a new all-time high by Q4. VanEck also anticipates significant inflows into approved spot Bitcoin ETFs during Q1.
Hot Take: Bitcoin Price Continues Upward Movement Following Fidelity’s Meeting with SEC
Bitcoin’s price has continued its upward movement after news broke about Fidelity meeting with the SEC regarding its proposed spot Bitcoin ETF. Fidelity’s detailed presentation on the creation and redemption models for the ETF showcased progress in their proposal. This meeting is part of a series of engagements between various Bitcoin ETF applicants and the SEC, which have contributed to the overall bullish sentiment in the crypto market. Observers believe that Bitcoin’s price will either move towards $48,000 or retrace to $35,000, with both scenarios maintaining the current market bullishness. Asset manager VanEck also predicts a positive year for Bitcoin, with inflows into spot Bitcoin ETFs expected to drive its price to a new all-time high.
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