The U.S. SEC’s Decision on Bitcoin ETFs Expected Today
Today is the day the U.S. Securities and Exchange Commission (SEC) will make a decision on at least one of the 11 pending spot Bitcoin ETF applications. Analysts predict that formal approvals could come between 4-6pm, with the potential for funds to be available as early as Thursday. The approval of a spot Bitcoin ETF in the U.S. has been highly anticipated by the crypto industry for a decade, as it would provide traders with exposure to Bitcoin without needing to buy or store BTC themselves.
Potential Issuers Continue to Make Amendments
BlackRock, Fidelity, WisdomTree, and Grayscale are still in contention for issuing the Bitcoin ETFs. They have made multiple amendments to their S-1 registrations this week to address SEC comments. These amendments have included new information about authorized participants and fees. BlackRock and ARK Invest recently lowered their fees once again, with BlackRock charging a 0.25% fee and ARK 21Shares lowering its fee to 0.21%. The SEC now has limited time to either approve or deny the ARK 21Shares Bitcoin ETF application.
Fake-Out Message Causes Market Panic
A fake message claiming that all Bitcoin ETFs had been approved was sent from the compromised SEC Twitter account yesterday, causing a market panic and a drop in Bitcoin’s price. SEC Chair Gary Gensler later clarified that the message was fake, but the damage had already been done. U.S. lawmakers have now written a letter to Gensler seeking clarity on the incident. In the past 24 hours, nearly $96 million worth of Bitcoin options were liquidated, with most liquidations occurring on long contracts.
Hot Take: SEC Decision Impacts Bitcoin Market
Today’s SEC decision on the pending Bitcoin ETF applications has a significant impact on the crypto market. If approved, the availability of spot Bitcoin ETFs in the U.S. would provide traders with easier access to Bitcoin and potentially boost market liquidity. On the other hand, a rejection or delay could lead to disappointment and potential price volatility. The anticipation surrounding this decision reflects the growing mainstream acceptance and interest in cryptocurrencies. Regardless of the outcome, it is clear that regulatory decisions play a crucial role in shaping the future of digital assets.
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