Bitcoin (BTC) ETF Approval Delayed Once Again
If you’re hoping for the approval of a Bitcoin ETF, it looks like you’ll have to wait a little longer. The price of Bitcoin (BTC) recently surged to over $37,000, touching an 18- 30 days high, due to news about the United States Securities and Exchange Commission’s (SEC) eight-day window to approve all spot cryptocurrency exchange-traded product applications. Investors were optimistic about the likelihood of a spot Bitcoin (BTC) ETF being approved soon.
Nonetheless, that window has closed, and the SEC has delayed decisions on pending applications, such as the spot Bitcoin (BTC) ETF from Worldwide X, with an initial deadline of November 21, and the app from asset manager Franklin Templeton. The SEC likewise delayed an app from Hashdex earlier this coming week. Other traditional finance titans like BlackRock, VanEck, and WisdomTree likewise have pending applications for a Bitcoin (BTC) ETF.
Market observers believe that the approval of a Bitcoin (BTC) ETF could lead to a whole lot of influx of financial resources into cryptocurrency markets, potentially boosting Bitcoin (BTC) and other digital assets by $1 trillion, according to analysts at CryptoQuant.
The SEC has been hesitant to approve a Bitcoin (BTC) ETF, citing probable market manipulation as a major risk factor. Nonetheless, with the entry of BlackRock into the conversation and predictions from analysts at Bloomberg Intelligence indicating a 90% chance of approval by January, the likelihood of a Bitcoin (BTC) ETF in the United States seems more imminent than ever.
Hot Take: Approval Delayed, Hope Remains
Despite the fact that the chances of approval today are zero, the optimism for a Bitcoin ETF in the new year remains high. Regardless of the delay, the capacity for a Bitcoin (BTC) ETF to transform the cryptocurrency market is still a strong possibility. It may just be a matter of time before the SEC gives the green light.
Edited by Guillermo Jimenez
Editor’s note: This post was updated after publication to include the SEC’s delayed decision on Franklin Templeton’s app for a Bitcoin (BTC) ETF.
The views and opinions expressed by the author are for informational objectives only and do not constitute financial, investment, or other advice.
Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.