Bitcoin (BTC) Continues to Hold Steady
Even with the recent notice from the United States Securities and Exchange Commission (SEC) delaying the approval process for spot Bitcoin (BTC) ETF applications, Bitcoin (BTC) remains over the $36,000 mark. The SEC filed extensions for its decision-making on spot Bitcoin (BTC) 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 app to January 1, 2024.
SEC Delays Bitcoin (BTC) ETF Approval
Rumors are circulating about the SEC’s probable 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- establish, 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.
Bitcoin Price Continues to Hold Steady
Regardless of these regulatory developments, Bitcoin’s price has displayed resilience, maintaining a price level over $36,000 and was trading for $36,628 according to BeInCrypto. In the previous plenty of months, market optimism surrounding a possible Bitcoin (BTC) ETF approval has pushed Bitcoin’s price to new yearly highs.
Hot Take: The Future of Bitcoin (BTC) ETF Approval
Although while Bitcoin (BTC) has remained steady regardless of the SEC delays, the uncertainty surrounding the approval of Bitcoin (BTC) ETFs persists. With ongoing rumors about probable changes in the fund-handling system and skepticism about United States lawmakers’ approach to cryptocurrency regulations, future of the Bitcoin (BTC) ETF approval remains uncertain.
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