The anticipation surrounding potential approvals for spot Bitcoin Exchange Traded Fund (ETF) in the United States is high and current indications show the likelihood of securing the green light from the Securities and Exchange Commission (SEC) this month is high.
According to a report from Fox Business Journalist Eleanor Terrett, citing sources close to the proceedings, the SEC may start notifying issuers of spot Bitcoin ETF as early as this Friday. Based on the current permutations per the report, if this notification comes as projected, trading of the ETF products may start as early as next week.
The pursuit of spot Bitcoin ETF has been on for more than a decade, with the market regulator showing promising signs for the first time since the Winklevoss twins of Gemini made the first filing in 2013.
SEC Held Meeting With Exchanges Over Bitcoin ETF
The crypto ecosystem welcomed a major rout yesterday when Matrixport reported that there is a likelihood the markets regulator will reject applications for spot Bitcoin ETF this month against the general projection. The market reacted to this report with the price of Bitcoin (BTC) and altcoins tumbling, sending total liquidations north of $660 million.
As the market grapples with the impact of this bearish reporting, Fox Business revealed that the SEC held a meeting with stock exchanges, including the New York Stock Exchange, Nasdaq Composite, and Chicago Board Options Exchange (CBOE). Notably, these are the trading platforms that the Bitcoin ETFs will trade upon approval.
?SCOOP: The @SECGov is holding meetings today with the exchanges (@Nasdaq, @CBOE, @NYSE) to finalize comments on the 19b-4s submitted by the $BTC Spot ETF issuers.
— Eleanor Terrett (@EleanorTerrett) January 3, 2024
Per the report, the markets regulator wants the trading platforms to make changes to the 19b-4 filings issued on behalf of their respective applicants. These meetings serve as a promising move from the SEC and currently help in allaying the fears of key stakeholders in the market with strong beliefs of imminent approvals.
Current State of the Market
While the selloffs have cooled down, the general market sentiment is still largely bearish. Bitcoin is trading for $42,902.54 after shedding 4.94% of its valuation in the past 24 hours. The top coin’s market capitalization comes in at $840,546,358,883, but trading volume remains elevated, up 53.82% to $47,262,893,895.
Top altcoins like Ethereum (ETH), XRP, and Solana (SOL) are also in the red, dropping by 6.14%, 8.94%, and 8.24% in the past 24 hours, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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