The approval of Bitcoin ETFs will probably not happen until early 2024 at the earliest. That is due to the behavior of the US Securities and Exchange Commission (SEC), which has recently postponed decisions on Bitcoin ETFs once again.
From the perspective of crypto investors, October and November were characterized by the fact that the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) seemed within reach. But optimists are now facing a setback.
Once again, the SEC has postponed decisions, as you can read in the original text here for the Global X Bitcoin ETF applied for or here for the one from asset manager Franklin Templeton. This also closed a time window in which the SEC could theoretically have given the green light simultaneously to all 12 applications for Bitcoin ETFs that it had received.
If you want to find out more about Bitcoin ETFs and when will the US SEC eventually approve the first one, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the most important business news of the day.
Bloomberg journalist James Seyffart has summarized the deadlines for SEC decisions on Bitcoin ETFs on X in a table
The result is January 10th, 2024, which investors should keep an eye on from now on. This is because the SEC time frame means that it would be possible for the authority to approve at least nine Bitcoin ETFs in one go between now and January 10th, 2024. The majority of observers believe that the SEC will try not to favor any single applicant in the approval of Bitcoin ETFs and could therefore put together a package.
However, there is also good news: Bitcoin’s price curve was unimpressed by the SEC’s hesitation, with BTC continuing to trade around $37,000 and thus at a one-year high. As a result, the Bitcoin price was able to defend the approximately 25% gain that had been achieved since mid-October due to movement on the topic of Bitcoin ETFs.
That is because the SEC waived its right to appeal in a lawsuit with asset manager Grayscale over its Bitcoin ETF and is now under pressure to act. Grayscale has already submitted a new, shortened application for its Bitcoin ETF and a reasoned rejection is difficult to imagine after the SEC’s court defeat.
Conclusion: Bitcoin ETFs – the wait is not over yet
Expert Seyffart maintains his forecast of a 90 percent probability that Bitcoin ETFs will be approved in the US by January 10th. Combined with the upcoming Bitcoin Halving in April 2024, this could be enough to keep BTC’s price curve stable for the time being. Experts are certain that Bitcoin ETFs will ensure a significant inflow of capital and could trigger a rally. This sounds plausible in itself – but the SEC, at least, has simply not been playing ball when it comes to Bitcoin ETFs.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ KuCoin Affiliate Program Review]
This week, we answer the two questions on everyone’s lips — What do SJWs and e/accs have in common? And...
BIPV Boom: By 2032, Building Integrated Photovoltaics Will Be Worth Over $143B
The next moves by the European Commission and the trend toward a real estate stock composed of Zero Emission Buildings...
French Fintech Company Qonto Launches SME Financing in Italy
Qonto is expanding its financial solutions for SMEs and professionals in Europe, launching the option for companies in Italy to...
Trusters and Leone Investments Finally Receive Approval Under EU Regulation
After almost a month under the new EU Regulation, two platforms, including the historic Trusters launched in 2018 and the...
Coinbase Wallet Has a New Feature: Send Crypto via Web Link
The exciting part is actually in the small print: This is because Coinbase covers the fees for transactions via stablecoin...