The Bitcoin price exceeded the 47,000 while investors are betting onapproval of a ETF spot by the SEC. The regulator must be pronounced from here tomorrow.
On Monday evening, the price of the market’s leading crypto reached a level not seen for over a year and a half at over $47,200. The price has since retreated slightly, and is currently trading at around $46,800.
The rally comes as the U.S. Securities and Exchange Commission (SEC) is set to rule on the Bitcoin cash ETF filings of several fund issuers. The deadline for the federal agency is January 10, 2024.
Yesterday, managers filed amendments to their ETF-related S1 filings and disclosed their product fees. The SEC quickly issued comments on the new S-1s.
That’s right, comments came back on those S-1 documents with the fees that drove us all crazy this morning (not unusual). Expect to see more amendments tomorrow because of this – I don’t think it’s necessarily a signal of delay,” commented on X James Seyffart, analyst at Bloomberg.
Although the industry and speculators are confident of the imminent approval of an exchange-traded fund on the queen of cryptocurrencies, the SEC, known for its anti-crypto stance, could once again issue rejections. Nevertheless, the regulator’s recent legal defeat of Grayscale, one of the current applicants, has strongly fueled industry hopes of such a product being approved.
Experts believe that the SEC will approve several funds at the same time. If the agency gives the green light, the next question will be how much capital they will attract when they start out.
On Monday, we also learned that Fidelity had chosen Jane Street and Cumberland DRW to buy Bitcoin with its ETF. Other issuers, including BlackRock and Franklin Templeton, have selected the popular Coinbase crypto exchange.
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