Bitcoin Continues to Hold Steady
Even with the recent announcement from the US Securities and Exchange Commission (SEC) delaying the approval process for spot Bitcoin ETF applications, Bitcoin remains above the $36,000 mark. The SEC filed extensions for its decision-making on spot Bitcoin ETF applications from GlobalX and Franklin Templeton on November 17. The SEC seeks public comments concerning a rule change enabling the listing of GlobalX’s ETF on the Cboe BZX Exchange, and has delayed the decision on Franklin Templeton’s application to January 1, 2024.
SEC Delays Bitcoin ETF Approval
Rumors are circulating about the SEC’s potential recommendation of a “cash create” fund-handling system for ETF applicants, as an alternative to trading actual Bitcoin, preventing reliance on third-party brokers. Bloomberg analyst Eric Balchunas suggested that while 2-3 filers may opt for cash-creates, others might prefer the “in-kind” system. JPMorgan has observed that similar ETFs in Canada and Europe have garnered minimal investor interest since their launch.
BTC Price Continues to Hold Steady
Despite these regulatory developments, BTC’s price has displayed resilience, maintaining a price level above $36,000 and was trading for $36,628 according to BeInCrypto. Over the past several months, market optimism surrounding a possible Bitcoin ETF approval has pushed BTC’s price to new yearly highs.
Hot Take: The Future of Bitcoin ETF Approval
While Bitcoin has remained steady despite the SEC delays, the uncertainty surrounding the approval of Bitcoin ETFs continues. With ongoing rumors about potential changes in the fund-handling system and skepticism about US lawmakers’ approach to crypto regulations, the future of Bitcoin ETF approval remains uncertain.
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