Rumors Lead to Fear and Uncertainty
Rumors about the rejection of Bitcoin Exchange Traded Funds began to spread and has caused fear, doubt and uncertainty in the crypto industry. The United States Securities and Exchange Commission has until January 10, 2024, to either reject or approve the Bitcoin ETFs.
Bitcoin ETFs Defined
Bitcoin ETFs are traditional market exchange-traded funds that track the value of Bitcoin. They offer investors an opportunity to invest in Bitcoin without engaging in cryptocurrency exchanges.
SEC Deadline and ETF Applications
The United States Securities and Exchange Commission has set a deadline regarding Exchange Traded Fund applications. Various firms have made submissions within this period, including BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, WisdomTree, Ark Invest, and Grayscale.
NFT Market Reacts to Rumors
The reckless statement regarding the approval of Bitcoin ETFs by Matrixport has greatly affected the NFT market. In the past 24 hours, Bitcoin-based NFTs have recorded an 8% decrease in trading sales volume.
Market Reaction
Due to the spreading publication, Bitcoin has dropped by 5.49% from $45,000 to $40,000 and has now regained strength, currently trading at $42,439.
Bitcoin ETFs Impact on the NFT Market
The NFT market is closely linked to the crypto market. The news of Bitcoin ETFs has trickled down to impact the NFT market as well, thereby causing a dip in NFT sales.
Hot Take: The Repercussions of Regulatory Delays
The regulatory delay in approving the Bitcoin ETFs has sent waves of uncertainty across the industry, causing significant impacts on the crypto and NFT markets.
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