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A crucial decision has been made for cryptocurrency investors. SEC has received its second major blow this year, and the price of Bitcoin is rising. The price of cryptocurrencies may rise further in the coming hours because investors have not yet understood why the recent decision is so important. So, why is Friday so critical for all of us?
When is the Crypto Bull?
The biggest price catalyst for cryptocurrency markets is the approval of a Spot Bitcoin ETF, and we may see this in the coming days. With a 50% chance, SEC will make its decision on Friday. While granting approval for futures ETFs, SEC did not officially announce the rejection of Spot Bitcoin ETFs in the Grayscale case. This led to the court finding Grayscale justified in its decision to reject the conversion of GBTC into an ETF.
Now, SEC has to reconsider its decision regarding the rejection of GBTC. The court decision stated the following:
“Grayscale has provided indisputable evidence that there is a 99.9% correlation between the spot price of BTC and the CME futures price. SEC did not explain why it approved the listing of two bitcoin futures ETPs. It also failed to provide valid arguments related to the rejection of the spot ETF. In the absence of a consistent statement, this differential regulatory treatment of similar products is unlawful. Therefore, we accept Grayscale’s review request and overturn the Commission’s decision.”
Crypto Could Rise on Friday
This week is the first decision date for many ETFs. The decision dates that will expire on Friday and Saturday push SEC to make a decision for ETFs by the end of Friday. In the first option, SEC may seek a way to overturn this decision and may decide to postpone it again. However, due to BlackRock’s application for a spot Bitcoin ETF, SEC may have to give approval for these ETFs on Friday to avoid further losses in the lawsuits.
From September 1st to September 4th, SEC will announce its first decision for 7 ETFs, including BlackRock. If the approval for Spot Bitcoin ETF is officially granted, it could lead to a rapid rise in cryptocurrencies. At the time of writing this article, BTC is priced at $27,372.
