SEC Holds Talks with Exchanges on Bitcoin ETF Applications
In a significant development leading up to the impending decision on the approval or rejection of the first spot Bitcoin ETF in the United States, FOX reporter Eleanor Terret has shed light on a key development. According to Terret’s report on X (formerly Twitter), the US Securities and Exchange Commission (SEC) will hold talks today to discuss the final comments on the 19b-4s applications submitted by Bitcoin ETF issuers.
Terret stated that the SEC is currently holding meetings with Nasdaq, CBOE, and NYSE exchanges to address the submitted 19b-4s applications by BTC Spot ETF issuers. The SEC has previously engaged in discussions with issuers and exchanges, including BlackRock and Nasdaq Stock Market, regarding the proposed rule change to list and trade shares of the iShares Bitcoin Trust.
Potential BTC Price Correction?
Renowned analyst Crypto Con has drawn attention to the “overheated state” of Bitcoin data, suggesting that the recent move above $45,000 was “short-lived” and has once again brought the cryptocurrency’s valuation into focus. While various indicators had indicated that Bitcoin may have reached its peak in December at $45,000, longer-term time frames may have allowed for a small push that was witnessed recently.
Despite attributing the drop to the news of Matrixport and 10x Research that predicted rejection of the Bitcoin ETF applications, Crypto Con argues that the underlying data had already signaled the possibility. Several indicators shared by Crypto Con on X have remained overextended, including the Puell Multiple, 2 Week leading moving average convergence divergence (LMACD), monthly relative strength index (RSI), 2-week stochastic momentum indicator (SMI), weekly RSI, and weekly directional movement index (DMI). These indicators suggest a correction of over 30% is still anticipated, potentially bringing the price down to the low $30,000 range in the coming months.
Hot Take: Uncertainty Surrounds Bitcoin ETF Decision
The outcome and implications of the SEC’s meeting with exchanges regarding Bitcoin ETF applications remain uncertain. It is unclear whether any statements will be issued following the discussions, leaving the decision to approve or reject the applications hanging in the balance. As the deadline approaches, market participants eagerly await further updates to gain insights into the stances of the exchanges and the SEC, shaping the path forward in the quest for a regulated Bitcoin ETF in the United States.
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