The cryptocurrency market is buzzing with expectations as investors eagerly await the Securities and Exchange Commission’s (SEC) decision on Bitcoin Exchange Traded Funds (ETFs). While the market focuses on this important development, many major players such as BlackRock, Invesco Galaxy, Valkyrie, VanEck, ARK and WisdomTree have recently updated their spot Bitcoin ETF applications. Here are the details…
Update on ETF applications and Bloomberg report
In recent developments, these prominent companies have included additional details in their applications. BlackRock announced a 0.30% fee for its spot Bitcoin ETF, according to a statement released today. The move comes as expectations remain high as the market prepares for potential approvals on Wednesday.
As the cryptocurrency community enters a critical week with hopes tied to positive news from the SEC, a Bloomberg report suggests that the regulator is ready to approve multiple ETFs. The SEC is reportedly ready to review 19b-4 and S-1 forms submitted by applying companies, signaling a positive stance towards spot Bitcoin ETFs.
What will be the next steps?
Bloomberg analysts noted that spot Bitcoin ETFs are less likely to be rejected, attributing this change to recent meetings between the SEC and the applying companies. Technical requirements for a spot-backed BTC ETF to begin trading include approval of 19b-4 forms by the SEC and approval of S-1 forms by ETF issuers.
The SEC is expected to vote on the 19b-4 exchange forms in the coming days, and approval of the S-1 forms may follow. If both approvals are granted simultaneously, spot Bitcoin ETFs may begin trading on the next business day. Bitcoin advocates and industry analysts believe spot Bitcoin ETFs could be a turning point for BTC and cryptocurrencies, highlighting its potential impact on market dynamics.
Analyst warns about Bitcoin ETF approval
Monday witnessed significant price declines in the broader crypto market as speculation ran high. Altcoins in particular have experienced turbulence amid concerns over Bitcoin ETF approval. Famous crypto market analyst Michael Anderson of Framework Ventures emphasizes that the market may be underestimating the potential impact of Bitcoin ETF approval. Meanwhile, crypto market analyst Michaël van de Poppe attributes the current decline in altcoins to the upcoming Bitcoin ETF week. He suggests that momentum may turn to altcoins after the ETF decision.
Van de Poppe offers insight into Bitcoin’s market dynamics, advising investors to consider buying during significant declines and selling in the $48,000 to $51,000 range. As of the last update, Bitcoin price was traded at $43,772.30, decreasing by 0.43% in the last 24 hours. However, weekly and monthly charts reflect positive trends; Bitcoin is showing resilience amid market volatility.
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