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Bitcoin ETF approval is imminent

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Could Securities and Exchange Commission (SEC) commissioner, Elad Roisman be the missing piece to the approval of Bitcoin ETF? That thought is as a result of a meeting between commissioner Roisman and options exchange CBOE, investment management firm VanEck alongside blockchain technology company SolidX.

The Bitcoin exchange-traded fund (ETF) was proposed in June but got denied by the federal regulation. The next deadline for the decision to be made is December, and for now, it seems that the approval confidence is ‘high’.

All issues seem to be resolved, Bitcoin ETF approval imminent

The SEC had highlighted some issues on the bitcoin ETF proposal that they said were the major reasons for the denial. Now if we look at the meeting comments, during the discussion, SolidX, VanEck, and CBOE convinced Roisman that all the cited issues had been addressed and the proposal is ready for approval.

According to sources, the issues raised and cited by SEC concerning the approval of Bitcoin ETF earlier are now fixed; such as the existence of a significant regulated derivatives market for Bitcoin, relevant markets such as bitcoin futures, CBOE, and OTC desks are all regulated. The presentation also emphasized that two other major SEC anxieties including Bitcoin price manipulation concerns mitigation as well as investor protection are ensured now.

Bitcoin ETF SEC

The snapshot was taken from the report featuring meeting comments | Source: Sec.gov/comments

Reasons to be Optimistic

First, it’s reported that commissioner Roisman is the first federal regulator to publicly meet with the representatives from the three groups. Furthermore, the current wisdom has it that Roisman is a strong supporter of cryptocurrency (which is yet to be proved until Roisman officially votes). But the fact that he’s taking this consideration seriously, at least for now, is a reason to be optimistic.

If Roisman is indeed a supporter of the Bitcoin ETF, it means two out of five SEC commissioners will be ready to approve it, with Hester Pierce being the other SEC commissioner who has indicated her friendly position already.

Bitcoin ETF approval strong signal

A comment from the meeting hinting towards the Bitcoin ETF approval. The meeting happened about two weeks ago. | Source: sec.gov/comments

Besides, SEC’s Kara Stein, who voted ‘NO’ to ETFs before, is expected to leave office in December and it’s rumored that democrat Allison Lee will replace Stein. Perhaps, this seems to be another potential opening for the approval of ETF.

Subsequently, VanEck has all investor protection issues taken care of with zero leverage as well as accredited investor protection. All these factors only indicate that a bitcoin ETF approval is imminent. Also, with the date set for the ICE’s Bakkt exchange on December 12 this year, this will begin to clear bitcoin futures which were among the issues that led to the denial of the proposal initially.

With all indications pointing only to one direction – approval, it’s merely a matter of time before Bitcoin ETF gets approved or it’s even inevitable.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Waldryano/Pixabay

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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