SEC's October Deadline For Spot Bitcoin ETFs is Approaching

The US SEC’s (Securities and Exchange Commission) second deadline to announce its decision on seven-spot Bitcoin (BTC) ETFs (Exchange Traded Funds) is fast approaching. The finance regulator will have to announce its decision on Oct. 16 for Bitwise, Oct. 17 for BlackRock, VanEck, WisdomTree, Invesco & Galaxy, and Fidelity, and Oct. 19 for Valkyrie. However, the agency could even decide to postpone its decision, as it did during the first deadline.

Moreover, the SEC has already pushed its decision on 21Shares and ARK’s spot Bitcoin ETF application, whose second deadline was missed on Aug. 13. This puts additional weight on the possibility that the SEC will do the same for the other applications. In fact, the SEC could choose to delay announcing its decision until mid-March 2024.

Also Read: 910 Bitcoins From 2012 Moved After 10+ Years of HODLing

It is possible that the SEC’s partial defeat in the Ripple lawsuit may have caused some internal concern. The agency might not feel fully competent to overlook the crypto industry. Moreover, there is also a possibility that the SEC is waiting for a proper rulebook for governing crypto before approving a spot Bitcoin (BTC) ETF. However, the SEC has said on multiple occasions that the rules for crypto already exist, despite crypto firms arguing otherwise.

Will the markets rally after a spot Bitcoin ETF?

bitcoin btc
Source: Pixabay

According to Lars Christensen, founder of Concordium, the next bull run will not be the same as the previous one. Moreover, Christensen said that investors should curb their expectations of massive returns. He stated, “Even if you do get a Bitcoin rally — I don’t think you should naturally assume that everything is going to rally with it.”

He further added, “Does that necessarily mean that Ethereum and a lot of the older altcoins are going to rally on the back of it too? I think that’s nearly certain not to happen.”

Also Read: 97.5% of New Bitcoin Investors Are at a Loss

Christensen notes that while there has been an increase in interest in blockchain technology of late, the crypto markets have slowed over the past 18 months. Ben Simpson, the founder of Collective Shift, believes we are already in the early stages of a BTC bull run. Simpson believed that the next bull run would be centered around Bitcoin (BTC), Ethereum (ETH), and application-specific tokens and sectors like gaming.

  • bitcoin
  • ETF

Comments

Post a Comment

Popular posts from this blog

Tax Strategy for XRP: Lawyer Urges Caution Before Dipping for Altcoins

Jeremy Hogan advises crypto holders to be cautious of crypto tax as they optimize for profit in the bull run. He pointed out the tax advantages of not liquidating XRP held for over a year. Per the lawyer, long-term capital gains incur a lower 15% tax rate than the higher 30% rate for short-term gains. Prominent legal expert Jeremy Hogan, Partner at ‘Hogan & Hogan’ has offered counsel to crypto holders, urging caution in the disposition of their XRP assets. In a recent post on X, Hogan shared guidance with crypto investors looking to maximize their tax efficiency amid the anticipated crypto bull market. The lawyer’s counsel targeted crypto enthusiasts based in the United States. He advised considering the tax obligation on their crypto investment from the angle of the duration of the token holdings. Hogan pointed out that maintaining a token for over a year could result in a more advantageous tax scenario. He noted that long-term capital gains, applicable ...
Read more

Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

BTC options expiry reveals short-term volatility post ETF approval. Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions. With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings. As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17. In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale , exploring the potential for exhilarating opportunities in the evolving crypto landscape. First BTC Options expiry post Bitcoin ETF approval The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibit...
Read more

MicroStrategy’s Saylor Sells $216M of His Shares to Buy More Bitcoin

MicroStrategy’s executive chairman, Michael Saylor, is selling $216 million worth of company shares. Saylor plans to use the proceeds to expand his personal Bitcoin holdings. The sell-off began with 5,000 shares on January 2, with 5,000 shares scheduled to be sold every trading day for the next four months. MicroStrategy‘s executive chairman, Michael Saylor, has begun selling $216 million worth of his shares in the company. The decision reveals Saylor’s intention to utilize part of the proceeds to expand his personal Bitcoin holdings. Saylor, a prominent advocate for cryptocurrency adoption, unveiled this plan in a filing with the U.S. Securities and Exchange Commission (SEC). The regulatory filing reveals that Saylor is selling 315,000 MicroStrategy shares acquired via stock options. 310,000 of these were granted in 2014 and are set to expire in April of this year. Saylor has already begun the sell-off, initiating the process with the sa...
Read more