SEC Set to Make Pivotal Crypto Decision
The U.S. Securities and Exchange Commission (SEC) is currently evaluating a dozen applications for spot Bitcoin exchange-traded funds (ETFs), including Grayscale’s GBTC trust conversion. The decision, expected by Nov. 17, has both regulators and cryptocurrency enthusiasts eagerly awaiting the outcome.
Regulatory Concerns and Market Impact
The SEC’s initial rejection of the first Bitcoin ETF in 2017 raised concerns about crypto market regulation, potential manipulation, and asset safety. The regulator also questioned trading venue resilience and the Bitcoin market’s capacity to handle increased volume. Bloomberg analysts predict a 90% chance of approval by Jan. 10, 2024 if the ETF is not approved by Nov. 17.
BlackRock’s bid for a spot Bitcoin ETF has sparked optimism, but experts have varying views on its acceptance likelihood. The SEC has expressed reservations about lacking clarity in applications from asset managers, with potential rulings expected over the next few months.
Hot Take: Schiff Predicts Market Dip
Euro Pacific Capital CEO Peter Schiff warns of an impending market crash as Bitcoin nears $38,000 and potential spot Bitcoin ETF approval looms. Schiff predicts a significant downturn post-ETF launch due to early buyers selling for profit, facing opposition from cryptocurrency investors who dismiss his forecast as unreliable.
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