Bitcoin Price Rallies Amid SEC’s Decision Delay
The Bitcoin price surged toward $38,000 as the crypto community anticipated the United States Securities and Exchange Commission (SEC) to finally approve the first Spot BTC ETF. However, the SEC decided to further delay its decision on Spot Bitcoin ETF filings, including the Hashdex Spot Bitcoin ETF filing. This delay means that a decision for the Hashdex ETF filing is not expected until 2024.
SEC Delays Spot BTC ETFs
The SEC also deferred its decision on the Grayscale Ethereum Futures filing, pushing its deadline date into 2024, dashing hopes of the ETFs coming this year. Despite this news, both Bitcoin and Ethereum seemed to have shaken off this development with little reaction, suggesting that the approvals may already be priced into the market.
Investors are becoming indifferent to whether the news affects their investment decisions or not. However, there are still instances where expectations around regulatory decisions significantly move the market, as seen with the surge in prices of Bitcoin and Ethereum on Wednesday.
It seems that news of delays from regulators is no longer having the bearish effects they used to have. Investors are not reacting to the news of a delay as they usually would seemingly because it is not widely understood that it is not the same thing as a rejection. The Bitcoin price has since retraced from $38,000 to a healthy $37,000 at the time of this writing, while Ethereum dropped to $2,046 from its peak of $2,080 on Wednesday.
Hot Take: Market Reacts Indifferently to SEC’s Decision Delay
While the SEC’s decision delay on Spot BTC ETFs may not have had a significant impact on Bitcoin and Ethereum prices, it highlights a shift in how investors react to regulatory news. The delay suggests that approval for these ETFs may already be priced into the market, but there are still instances where expectations around regulatory decisions significantly move the market. The crypto community will continue to closely monitor developments regarding ETF approvals and their impact on prices.
By
By
By
By